“Stress Testing” Chapter 15 of the US Bankruptcy Code (2014) - South Bay Law Firm
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“Stress Testing” Chapter 15 of the US Bankruptcy Code (2014)

Summary:

 

  • Chapter 15 is an administrative tool, not a tactical weapon – and the aim of cross-border administration is transparency and fairness across multiple, international tribunals.
  • US bankruptcy courts may be free to view comity to a foreign representative as different from comity to a specific order in a non-US court (though this issue is not settled).
  • The US Bankruptcy Code’s “public policy” exception (s 1506) is very sparingly applied.  It may be best to consider the statute’s functional intent: to ensure a [generally] level playing field between international insolvency tribunals.
  • Even relatively innocuous “reporting” requirements may be useful in ensuring transparency and fairness in cross-border case administration.

 

This 2014 article is accessible here.  Republished with kind permission of LexisNexis Butterworths.

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