For a foreign proceeding to be recognized under the UNCITRAL Model Law on Cross-Border Insolvency (“Model Law”) and its offspring, chapter 15 of the Bankruptcy Code, the foreign proceeding must be either a foreign main...more
Two recent decisions in the Madoff bankruptcy cases illustrate that the legacy of Bernie Madoff will long survive the man himself.
Bernie Madoff died on April 14, 2021, while incarcerated in the Federal Medical Center in...more
11/9/2023
/ Avoidance ,
Bankruptcy Code ,
Bernie Madoff ,
Capital Markets ,
Clawbacks ,
Commercial Bankruptcy ,
Extraterritoriality Rules ,
Foreign Sovereigns ,
Fraudulent Transfers ,
Ponzi Scheme ,
Safe Harbors ,
Sovereign Immunity ,
Trustees
Recognition of a foreign main proceeding under Chapter 15 of the Bankruptcy Code has “effects” under Section 1520 that are automatic and powerful, including application of the automatic stay of Section 362 and the...more
In Krys v. Farnum Place, the Second Circuit ruled that, in a Chapter 15 ancillary proceeding, a SIPA claim is within the territorial jurisdiction of the United States and its sale by the Foreign Representative must be...more
A chapter 11 plan can only be confirmed if it does not discriminate unfairly and is “fair and equitable” to any non-accepting impaired class. In this case, the issue was whether the debtor’s projected “reorganization value”...more
A recent ruling from the U.S. Bankruptcy Court for the Southern District of New York illustrates the limited, specific grounds for changing or terminating chapter 15 recognition. The ruling demonstrates that recognition may...more