News & Analysis as of

Chapter 15 Foreign Bankruptcies Debtors

Jones Day

New York Bankruptcy Court Examines COMI for Purposes of Chapter 15 Recognition of Foreign Restructuring Proceedings Involving...

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As chapter 15 of the Bankruptcy Code quickly approaches its 20th anniversary in a global economy, the volume of cross-border bankruptcy cases has rapidly escalated. With multinational companies having affiliates throughout...more

Troutman Pepper Locke

What Is a Chapter 15 Bankruptcy and How is It Different from a Chapter 11 Case? - Creditor’s Rights Toolkit

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Chapter 15 of the Bankruptcy Code is a mechanism for debtors to have foreign insolvency proceedings recognized in the U.S. and to have the orders entered by a foreign court in those insolvency proceedings abroad given effect...more

Jones Day

U.S. Bankruptcy Court Directs Turnover of Chapter 15 Debtor's Assets for Administration in Foreign Bankruptcy Proceeding

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Nearing its 20th anniversary, chapter 15 of the Bankruptcy Code is an invaluable framework for coordinating cross-border bankruptcy cases involving foreign debtors that have assets located in the United States. It includes a...more

Jones Day

Filing of Adversary Proceeding Against Chapter 15 Debtor Violated Automatic Stay, and "Home Court" Rule Does Not Apply in Chapter...

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It is generally well understood that an order of a U.S. bankruptcy court recognizing a debtor's foreign bankruptcy case as a "main" proceeding under chapter 15 of the Bankruptcy Code triggers the automatic stay preventing...more

Jones Day

Ninth Circuit: Reversal on Appeal of Order Denying Chapter 15 Recognition Does Not Retroactively Trigger Automatic Stay

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It is generally recognized that an order of a U.S. bankruptcy court recognizing a debtor's foreign bankruptcy proceeding as a "main" proceeding under chapter 15 of the Bankruptcy Code triggers the automatic stay preventing...more

Herbert Smith Freehills Kramer

Chapter 15 Case Demonstrates Its Effectiveness as an Expedient Judicial Solution for Singaporean Insolvencies in the United States

Chapter 15 of the Bankruptcy Code (which is based upon the UNCITRAL Model Law on Cross-Border Insolvency) is designed to facilitate cross-border cooperation and coordination among courts during a pending bankruptcy or...more

WilmerHale

Trending: Special Deference for Foreign Insolvency Proceedings Both In and Out of Chapter 15

WilmerHale on

Several cases this year have demonstrated the continuing trend of U.S. courts’ respect toward foreign insolvency proceedings. Recent decisions from the Third and Eleventh Circuits, Southern District of New York and other...more

Jones Day

Ownership Dispute Regarding Foreign Debtor's U.S. Assets Must Be Resolved Before a U.S. Bankruptcy Court Can Approve Sale Under...

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As the enactment of chapter 15 of the Bankruptcy Code approaches its 20-year anniversary, U.S. bankruptcy courts are still grappling with some unresolved issues concerning how its provisions should be applied to best...more

Jones Day

Circuit Split: Eleventh Circuit and Second Circuit Disagree on Eligibility Requirements for Chapter 15 Debtors

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Courts disagree over whether a foreign bankruptcy case can be recognized under chapter 15 of the Bankruptcy Code if the foreign debtor does not reside or have assets or a place of business in the United States. In 2013, the...more

Pillsbury Winthrop Shaw Pittman LLP

Having Property in the United States: A Prerequisite to Chapter 15 Relief?

In the Eleventh Circuit (In re Al Zawawi), section 109(a)’s debtor eligibility requirements do not apply to chapter 15 cases, reinforcing a split between the Second and Eleventh Circuits. The Eleventh Circuit held that...more

Jones Day

Cayman Islands Branch of FDIC-Insured U.S. Bank Ineligible for Chapter 15 Relief

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The Bankruptcy Code bars certain individuals or entities from filing for bankruptcy protection, generally because they do not reside or have a place of business or property in the United States, fail to satisfy certain debt...more

Jones Day

Third Circuit Updates Its Standard for Granting Comity to Foreign Bankruptcy Proceedings

Jones Day on

"Comity" is a principle of jurisprudence whereby, under appropriate circumstances, one country recognizes within its borders the legislative, executive, or judicial acts of another nation. Many recent court rulings have...more

Jones Day

Delaware Bankruptcy Court: "Center of Main Interests" for Purposes of Chapter 15 Recognition Must Be Determined on...

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Determining a foreign debtor's "center of main interests" ("COMI") for purposes of recognizing a foreign bankruptcy proceeding in the United States under chapter 15 of the Bankruptcy Code can be problematic in cases...more

Patterson Belknap Webb & Tyler LLP

Courts Split Over Requirement for Chapter 15 Jurisdiction in the U.S.

To file bankruptcy in the U.S., a debtor must reside in, have a domicile or a place of business in, or have property in the United States. 11 U.S.C. § 109(a). In cross border chapter 15 cases, courts have considered whether...more

Jones Day

Chapter 15 Filing as a Litigation Tactic Not Bad Faith Justifying Automatic Stay Relief

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Debtors in non-U.S. bankruptcy or restructuring proceedings commonly seek to shield their U.S. assets from creditor collection efforts by seeking "recognition" of those proceedings in the United States in a case under chapter...more

Jones Day

Chapter 15 Recognition Order and Relief Could Be Modified After Conversion of Foreign Debtor's Reorganization to Liquidation

Jones Day on

Corporate restructurings are not always successful for many reasons. As a consequence, the bankruptcy and restructuring laws of the United States and many other countries recognize that a failed restructuring may be followed...more

Jones Day

Chapter 15 Recognition Limited to Foreign Insolvency, Liquidation, or Restructuring Proceedings

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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

Jones Day

Foreign Representative's Failure to Communicate with Bankruptcy Court Warrants Closure of Chapter 15 Case

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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

Jenner & Block

Compilation of Recent Developments in Bankruptcy Law - January 2023

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1. AUTOMATIC STAY - 1.1 Covered Activities - 1.1.a Court declines to enjoin third party claims against the debtor’s jointly liable parent corporation. The debtor manufactured earplugs for many years. A major...more

White & Case LLP

US Chapter 15: Recognition of Indonesian Reorganization Plan

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In recent years, Indonesian companies have shown both a greater willingness to use foreign restructuring processes, as well as a greater need to do so given the increasingly sophisticated financing structures and investor...more

Patterson Belknap Webb & Tyler LLP

Bankruptcy Court Denies Chapter 15 Recognition to a Case in the Isle of Man

A U.S. bankruptcy court recently denied chapter 15 recognition to a case in the Isle of Man (IOM).  The court ruled that the foreign case was neither a foreign main proceeding nor a foreign non-main proceeding...more

Hogan Lovells

Hong Kong court gives creditors the nod to sue despite Chapter 15 scheme recognition

Hogan Lovells on

The Hong Kong court has sanctioned a scheme of arrangement for a Hong Kong-listed, Bermuda-incorporated fertilizer manufacturer based in the mainland. In doing so, the Honorable Mr Justice Harris also warned holders of U.S....more

Jones Day

Florida District Court: Foreign Debtor Need Not Have U.S. Residence, Assets, or Place of Business to Be Eligible for Chapter 15...

Jones Day on

Courts disagree over whether a foreign bankruptcy case can be recognized under chapter 15 of the Bankruptcy Code if the foreign debtor does not reside or have assets or a place of business in the United States. In 2013, the...more

WilmerHale

Al Zawawi and § 109(a): Parsing What It Means to Be a “Debtor” Under Chapter 15

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What does it mean for an entity to be a “debtor” under chapter 15, and does it matter whether the entity is a “debtor” under that chapter of the Bankruptcy Code? While these may seem like strange questions with obvious...more

Blank Rome LLP

Must Foreign Debtors Have U.S. Property to be Eligible for Relief under Chapter 15?

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Chapter 15 of the U.S. Bankruptcy Code provides a streamlined process for recognition (a form of comity) of a foreign insolvency proceeding. However, courts are divided as to whether a foreign debtor must satisfy the general...more

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