For more than a century, courts in England and Wales have refused to recognize or enforce foreign court judgments or proceedings that discharge or compromise debts governed by English law. In accordance with a rule (the...more
U.S. courts have a long-standing tradition of recognizing or enforcing the laws and court rulings of other nations as an exercise of international "comity." Prior to the enactment of chapter 15 of the Bankruptcy Code in 2005,...more
In In re Avanti Commc'ns Grp. PLC, 582 B.R. 603 (Bankr. S.D.N.Y. 2018), Judge Martin Glenn of the U.S. Bankruptcy Court for the Southern District of New York entered an order under chapter 15 of the Bankruptcy Code enforcing...more
Even if a U.S. court has jurisdiction over a lawsuit involving foreign litigants, the court may conclude that a foreign court is better suited to adjudicate the dispute because either: (i) it would be more convenient, fair,...more
6/8/2018
/ Aiding and Abetting ,
Avoidance ,
Bankruptcy Code ,
Breach of Duty ,
Chapter 11 ,
Chapter 15 ,
Commercial Bankruptcy ,
Cross-Border ,
Debtors ,
Foreign Bankruptcies ,
Foreign Debt ,
Forum Non Conveniens ,
Forum Shopping ,
Fraudulent Transfers ,
Jurisdiction
In determining whether a U.S. bankruptcy court should provide the representative of a foreign debtor with various forms of assistance in a case under chapter 15 of the Bankruptcy Code, the court must consider, consistent with...more
4/19/2018
/ Bankruptcy Code ,
Bankruptcy Court ,
Chapter 15 ,
Choice-of-Law ,
Creditors ,
Debtors ,
Foreign Debt ,
Foreign Jurisdictions ,
Insolvency ,
Jurisdiction ,
The Model Law ,
Venue
With the significant increase in cross-border bankruptcy and insolvency filings in the 43 nations or territories that have adopted the UNCITRAL Model Law on Cross-Border Insolvency (the "Model Law"), including the U.S., the...more
11/22/2017
/ Cayman Islands ,
Chapter 15 ,
COMI ,
Commercial Bankruptcy ,
Credit Agreements ,
Cross-Border ,
Debt Restructuring ,
Debtor-Creditor ,
Financial Institutions ,
Foreign Debt ,
Insolvency ,
Jurisdiction ,
Liquidation ,
Securities and Exchange Commission (SEC)
In the March/April 2013 edition of the Business Restructuring Review, we reported on an opinion by the U.S. Bankruptcy Court for the Southern District of New York concluding that a chapter 15 debtor’s sale of claims against...more
8/16/2017
/ 363 Sales ,
Abandonment ,
Appeals ,
Bankruptcy Court ,
Bernie Madoff ,
British Virgin Islands ,
Chapter 15 ,
Comity ,
Commercial Bankruptcy ,
Court Nullification ,
Debtors ,
Determination on Remand ,
Foreign Debt ,
Jurisdiction ,
Liquidation ,
Ponzi Scheme ,
Reaffirmation ,
Sale of Assets ,
SIPA
In cross-border restructuring cases, including cases under chapter 15 of the U.S. Bankruptcy Code and versions of the UNCITRAL Model Law on Cross-Border Insolvency enacted in 42 other nations or territories, interested...more