Recent Ruling Highlights Purpose Behind Ch. 15

Law360, New York (May 30, 2008, 12:00 AM EDT) -- The recent decision by the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”) in In re Oversight and Control Commission of Avanzit, S.A., 2008 WL 1758810 (Bankr. S.D.N.Y. Apr. 18, 2008), highlights a new twist on a familiar story — the race between a foreign debtor and its creditors to assets located in the U.S., especially where the asset in question represents a significant asset of the foreign debtor.

As the Avanzit decision makes clear, U.S. bankruptcy courts can and...
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