Chapter 15 Recognition Limited to Foreign Insolvency, Liquidation, or Restructuring Proceedings -
In In re Global Cord Blood Corp., 2022 WL 17478530 (Bankr. S.D.N.Y. Dec. 5, 2022), the U.S. Bankruptcy Court for the...more
In In re Global Cord Blood Corp., 2022 WL 17478530 (Bankr. S.D.N.Y. Dec. 5, 2022), the U.S. Bankruptcy Court for the Southern District of New York denied without prejudice a petition filed by the joint provisional liquidators...more
Like debtors, bankruptcy trustees, official committees, examiners, and estate-compensated professionals, foreign representatives in chapter 15 cases have statutory reporting obligations to the bankruptcy court and other...more
A handful of recent high-profile court rulings have considered whether a chapter 11 debtor is obligated to pay postpetition, pre-effective date interest ("pendency interest") to unsecured creditors to render their claims...more
Lawyer Spotlights: Genna Ghaul and Nicholas J. Morin -
The Year in Bankruptcy: 2022 -
A brief chronicle of the year's notable developments in corporate bankruptcy and restructuring, including business bankruptcy...more
One year ago, we wrote that, unlike in 2019, when the large business bankruptcy landscape was generally shaped by economic, market, and leverage factors, the COVID-19 pandemic dominated the narrative in 2020....more
1/27/2022
/ Automatic Stay ,
Bankruptcy Code ,
Bankruptcy Court ,
Chapter 11 ,
Chapter 15 ,
Commercial Bankruptcy ,
Corporate Counsel ,
Creditors ,
Debtors ,
Executory Contracts ,
Foreign Bankruptcies ,
Insolvency ,
Popular
New York Bankruptcy Court Rules That Good Faith Is Not The Gatekeeper To Chapter 15 -
Despite the absence of any explicit directive in the Bankruptcy Code, it is well understood that a debtor must file a chapter 11...more
11/10/2021
/ Bankruptcy Code ,
Bankruptcy Court ,
Chapter 11 ,
Chapter 15 ,
Chapter 7 ,
Commercial Bankruptcy ,
Corporate Restructuring ,
Creditors ,
Debtors ,
Good Faith ,
Insolvency ,
Leveraged Buyout
Chapter 15 petitions seeking recognition in the United States of foreign bankruptcy proceedings have increased significantly during the more than 16 years since chapter 15 was enacted in 2005. Among the relief commonly sought...more
11/10/2021
/ Appeals ,
Bankruptcy Code ,
Bankruptcy Court ,
Chapter 15 ,
Commercial Bankruptcy ,
Cross-Border ,
Discovery ,
Foreign Bankruptcies ,
Insolvency ,
Transfer of Assets ,
UNCITRAL
Valuation is a critical and indispensable part of the bankruptcy process. How collateral and other estate assets (and even creditor claims) are valued will determine a wide range of issues, from a secured creditor's right to...more
Chapter 11 Plan Distributions Are Not Collateral Covered by Intercreditor Agreement's Waterfall Provision -
In In re Energy Future Holdings Corp., 2019 WL 2535700 (3d Cir. June 19, 2019), a panel of the U.S. Court of...more
9/26/2019
/ Bankruptcy Code ,
Bankruptcy Reform ,
Chapter 11 ,
Chapter 15 ,
Commercial Bankruptcy ,
Corporate Restructuring ,
Cross-Border ,
Debt Restructuring ,
Debtors ,
Financial Institutions ,
Insolvency ,
Trump Administration
After discussions among judges from several jurisdictions, including Argentina, Australia, Bermuda, the British Virgin Islands, Canada, the Cayman Islands, England and Wales, Singapore, and the United States, at the initial...more
Second Circuit Rules That Bankruptcy Code's Fraudulent Transfer Recovery Provisions Can Reach Foreign Transferees -
In In re Picard, Trustee for the Liquidation of Bernard L. Madoff Inv. Sec. LLC, 917 F.3d 85 (2d Cir....more
6/21/2019
/ Banking Sector ,
Chapter 11 ,
Chapter 15 ,
Commercial Bankruptcy ,
Corporate Restructuring ,
Cross-Border Transactions ,
Debt Restructuring ,
Debtors ,
FDCPA ,
Financial Institutions ,
Foreclosure ,
Insolvency ,
International Litigation
On January 10, 2019, the Italian government approved the Code for Distress and Insolvency (Codice della Crisi d’Impresa e dell’Insolvenza—the "CDI") as part of Legislative Decree No. 14 of 2019, to replace the Italian...more
In December 2018, at its 54th session in Vienna, Working Group V (Insolvency Law) of the United Nations Commission on International Trade Law (UNCITRAL) discussed revisions to its Enterprise Group Insolvency: Draft Model Law...more
On September 18, 2018, the United Nations Commission on International Trade Law ("UNCITRAL") published its final version of the new Model Law on the Recognition and Enforcement of Insolvency-Related Judgments (the "IRJ Model...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
On August 20, 2018, the National Bankruptcy Conference (the "NBC") submitted a letter (the "Letter") to representatives of the House Subcommittee on Regulatory Reform and the House Committee on the Judiciary that proposed...more
12/21/2018
/ Avoidance ,
Bankruptcy Code ,
Chapter 15 ,
Commercial Bankruptcy ,
Cross-Border ,
Foreign Debt ,
Insolvency ,
Proposed Amendments ,
Safe Harbors ,
UK ,
UNCITRAL
In This Issue:
Caveat Emptor—Anti-Assignment Clause Renders Transferred Claim Unenforceable -
In In re Woodbridge Group of Companies, LLC, 2018 WL 3131127 (Bankr. D. Del. June 20, 2018), the bankruptcy court ruled...more
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
The initial year of the Trump administration colored much of the political, business, and financial headlines of 2017, both in the U.S. and abroad. Key administration-related developments in 2017 included U.S. withdrawal from...more
2/5/2018
/ Administrative Appointments ,
Banking Sector ,
Bankruptcy Code ,
Bitcoin ,
Chapter 11 ,
Chapter 15 ,
Climate Change ,
Commercial Bankruptcy ,
Creditors ,
Cross-Border ,
Cryptocurrency ,
Cybersecurity ,
Debt Restructuring ,
EU ,
Financial Institutions ,
Fiscal Year ,
Germany ,
Global Economy ,
Insolvency ,
International Tax Issues ,
Legislative Agendas ,
NAFTA ,
Natural Disasters ,
Natural Resources ,
Net Neutrality ,
Netherlands ,
Oil & Gas ,
Pensions ,
Puerto Rico Oversight Management and Economic Stability Act (PROMESA) ,
Regulatory Agenda ,
Regulatory Oversight ,
Russia ,
Singapore ,
Sovereign Debt ,
Trump Administration
In Varela v. AE Liquidation, Inc. (In re AE Liquidation, Inc.), 866 F.3d 515 (3d Cir. 2017), the U.S. Court of Appeals for the Third Circuit became the sixth circuit court of appeals to rule that a "probability standard"...more
11/27/2017
/ Chapter 11 ,
Chapter 7 ,
Corporate Counsel ,
Corporate Sales Transactions ,
Department of Labor (DOL) ,
Employer Liability Issues ,
Foreseeability ,
Hiring & Firing ,
Insolvency ,
Layoff Notices ,
Layoffs ,
Liquidation ,
Natural Disasters ,
Notice Requirements ,
Popular ,
Russia ,
WARN Act
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)
Germany—Major German insolvency law reforms designed to facilitate corporate group insolvencies will become effective on April 21, 2018. When the reforms come into force, they will supplement and complement the Recast...more
10/4/2017
/ Affiliates ,
Controlling Person ,
Creditor's Committee ,
Debtors ,
EU ,
Germany ,
Insolvency ,
Intra-Group Transactions ,
Jurisdiction ,
Liquidation ,
New Legislation ,
Parent Corporation ,
Russia ,
Subsidiaries ,
Vicarious Liability
If a foreign debtor is eligible to file for bankruptcy protection in the U.S., the debtor's foreign representative (e.g., a liquidator or administrator) may, under certain circumstances, have the power to avoid and recover...more