“Stress Testing” Chapter 15 of the US Bankruptcy Code (2014)
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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.