Enforcement by US Courts of Releases Granted in Foreign Insolvency Proceedings

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Given the uncertain and relatively difficult road that debtors or trustees must travel to acquire an enforceable, non-consensual, non-debtor third party release in the United States, one might expect that the path to obtaining an injunction from a US bankruptcy court in support of a third party release sanctioned by a non-US court to be littered with even more obstacles. Indeed, one has not always been able to take for granted that the release or discharge of even a debtor itself by a non-US court will be given effect in the United States. As explained below, however, a trend toward granting injunctive relief in support of judicial decrees releasing third parties in non-US insolvency proceedings may be emerging, at least in bankruptcy courts, such as those sitting in New York and Delaware, that have been friendlier toward non-debtor third party releases in plenary cases.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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