In re Condor Insurance Ltd: The Right Result … For The Wrong Reasons? (2010)
Home > In re Condor Insurance Ltd: The Right Result … For The Wrong Reasons? (2010)
The treatment of cross-border avoidance actions is a matter of critical importance for transactional and insolvency planning.
Remarkably, as of 2010, very few published decisions provide guidance regarding the treatment of such actions in the US. No analytical framework or coherent lines of precedent exist to guide practitioners.
The Fifth Circuit Court of Appeals’ decision in In re Condor Insurance Ltd, F.3d, 2010 WL 961613 (5th Cir (Miss) 10 March 2010) is the first published appellate decision to address the issue since the enactment of the US Bankruptcy Code’s Chapter 15.
The Court of Appeals’ decision is consistent with Congressional policy behind the statute, but provides an incomplete analysis – analysis which, left alone, may add further uncertainty to an already-unsettled, but critical, area of cross-border law.
This 2010 article is accessible here. Republished by kind permission of LexisNexis Butterworths.