By Rick Antonoff and Evan Zucker (March 2, 2018, 1:03 PM EST) -- The role of a receiver or liquidator to recover assets has become more difficult in an increasingly global economy. Today, individuals and entities often attempt to place assets beyond the reach of creditors by transferring them to foreign jurisdictions. The UNCITRAL Model Law on Cross-Border Insolvency, adopted by more than 40 countries, provides a collective international process to recognize foreign insolvency proceedings and use local courts to assist in tracing and recovering assets. In the United States, the model law is contained in Chapter 15 of the Bankruptcy Code. Under Chapter 15, once a foreign insolvency proceeding is recognized, a receiver can obtain an automatic stay of any act to transfer the foreign debtor's property, take discovery under U.S. law and commence recovery actions in the United States....
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