ABC Learning Highlights Important Ch. 15 Principles

Law360, New York (October 25, 2013, 1:04 PM EDT) -- More than eight years after Chapter 15 of the Bankruptcy Code became effective in 2005, the utility of a Chapter 15 filing in a U.S. bankruptcy court to protect a foreign debtor and its assets from legal action or creditor collection efforts in the U.S. is undisputed.

However, whether relief under Chapter 15 — as distinguished from its precursor, Section 304 — is mandatory if a foreign proceeding otherwise satisfies the statutory criteria for recognition is a question that has received relatively little scrutiny.

The U.S....
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