News & Analysis as of

Chapter 15

Foreign Representative Had "Independent" Standing to Prosecute State Law Avoidance Claims in Chapter 15

by Jones Day on

If a foreign debtor is eligible to file for bankruptcy protection in the U.S., the debtor's foreign representative (e.g., a liquidator or administrator) may, under certain circumstances, have the power to avoid and recover...more

Client Alert: Chapter 15: A Sword and A Shield

THE RULING: CHAPTER 15 DEBTORS CAN ASSERT AVOIDANCE ACTIONS UNDER STATE LAW - On March 23, 2017, the United States Bankruptcy Court for the Southern District of Florida, Miami Division, ruled that a foreign debtor could...more

Upside Down in Chapter 15

by WilmerHale on

Most lawyers familiar with chapter 15 cross-border insolvency proceedings might assume that “foreign” debtors in chapter 15 cases must be foreign entities — that is, entities not organized under the laws of U.S. states. For...more

Chapter 15 and Cross-Border Insolvency

One by-product of the “globalization” of business is the homogenization of business practices. Businesses naturally seek and promote an environment and “rules” that are predictable, which allow for effective risk management....more

Coming Soon To A Jurisdiction Near You: Streamlined Cross-Border Insolvency Proceedings

by Cole Schotz on

Globalization has led to a marked increase in international components to insolvency proceedings. Cross-border issues add a new layer of complexity to what is often a situation already fraught with obstacles....more

Coming to America? Applying Bankruptcy Code Section 109( a) to Vet Foreign Companies Filing US Bankruptcy Cases Under Chapter 15

by WilmerHale on

Chapter 15 of the US Bankruptcy Code provides a doorway for non-US companies to obtain creditor protection and other benefits of a US bankruptcy in support of insolvency proceedings for those companies in their “home”...more

Commercial Restructuring & Bankruptcy Alert - April 2017, Issue 1

by Reed Smith on

Welcome to the April 2017 issue of the CR&B Alert, the newsletter produced by Reed Smith's Commercial Restructuring & Bankruptcy Group. Excerpt from Newsletter: SUPREME COURT WILL DECIDE STANDARD OF REVIEW ON...more

Section 1521(a)(7) Found Inapplicable to State Law Fraudulent Conveyance Actions

by Cole Schotz on

On March 23, 2017, the U.S. Bankruptcy Court for the Southern District of Florida (the “Court”) issued an opinion in the chapter 15 case of Banco Cruzeiro do Sul, S.A., a Brazilian bank (“BCSUL” or the “Debtor”), holding,...more

Delaware Bankruptcy Court Amends Local Rules

by Morris James LLP on

The Delaware Bankruptcy Court amended its local rules effective February 1, 2017. A copy of the latest version of the rules may be found on the Bankruptcy Court's website. The red-line version to the 2016 version shows...more

Second Circuit Refuses to Expand Scope of Chapter 15 of the Bankruptcy Code

by Cole Schotz on

On January 18, 2017, the U.S. Court of Appeals for the Second Circuit issued an opinion in the case of Trikona Advisers Limited v. Chugh, No. 14-975-cv, 2017 WL 191936 (2d Cir. Jan. 18, 2017), thwarting an attempt to expand...more

Five Things You Should Know for 2017 About Cross-Border IP Licensing and Insolvency Law

by Foley & Lardner LLP on

Brexit. Trump. The year 2016 can be characterized as one of unpredicted results and impending uncertainty. In June, the UK electorate voted to leave the European Union and in November, a tumultuous presidential campaign in...more

Blog: Amendments To The Federal Rules Of Bankruptcy Procedure Take Effect December 1, 2016

by Cooley LLP on

Just about every year changes are made to the rules that govern how bankruptcy cases are managed — the Federal Rules of Bankruptcy Procedure. The revisions address issues identified by an Advisory Committee made up of federal...more

New Delaware Chapter 15 Filing – Abengoa Concessions Investments Limited

by Cole Schotz on

Anders Christian Digemose, the foreign representative of Abengoa Concessions Investments Limited (“ACIL”) in a proceeding under Part I of the United Kingdom’s Insolvency Act of 1986, has filed a petition for recognition of a...more

New Delaware Chapter 15 Filing – Catalyst Paper Corporation

by Cole Schotz on

Catalyst Paper Corporation and thirteen of its affiliates and subsidiaries filed petitions for relief this morning under Chapter 15 of the Bankruptcy Code (Case No. 16-12419). The Debtors are seeking recognition of a foreign...more

SDNY Bankruptcy Court Publishes Proposed Amendments to Local Rules

by Cole Schotz on

Last month, the United States Bankruptcy Court for the Southern District of New York published proposed amendments to its local rules effective December 1, 2016 (the “Proposed Amendments”). Links to the Bankruptcy Court’s...more

SDNY Bankruptcy Rules Are About to Change: What You Need to Know About the @USBCSDNY Proposed Amendments

by Robins Kaplan LLP on

Last month, the United States Bankruptcy Court for the Southern District of New York proposed amendments to its local rules. Although the amendments are not sweeping, they include some very important updates and tweaks to...more

Proposed New Local Rules for the Southern District of New York

by Bryan Cave on

The United States Bankruptcy Court for the Southern District of New York recently announced proposed amendments to its local rules. The proposed amendments will not take effect until December 1, 2016, but we could not wait...more

Make Your Hanjin Bankruptcy Claims Now!

There is a lot of press coverage about the Hanjin bankruptcy, but very little of it provides tangible facts for traders to rely on. One thing we know for sure is Hanjin filed a Chapter 15 bankruptcy in the U.S. What that...more

Mainbrace: September 2016 (No. 4)

by Blank Rome LLP on

It’s hard to believe another summer has come and gone. The kids are back in school, the commuter trains are a bit more crowded, and everyone is back from their holidays, hopefully refreshed and ready to get back down to...more

Mainbrace: September 2016 (No. 4)

by Blank Rome LLP on

It’s hard to believe another summer has come and gone. The kids are back in school, the commuter trains are a bit more crowded, and everyone is back from their holidays, hopefully refreshed and ready to get back down to...more

Hanjin Shipping Co., Ltd: Liquidation or a Different Path?

by White & Case LLP on

On September 1, 2016, a rehabilitation procedure was commenced in the Seoul Central District Court in respect of Hanjin Shipping Co., Ltd (Hanjin). This action followed many months of discussions between Hanjin and its...more

The Reef of Hanjin’s Woe: Will Chapter 15 Unlash Hanjin’s Sailors from the Mast?

by Bryan Cave on

On September 9, 2016, Hanjin Shipping Co. won a ruling protecting its assets in the U.S. against creditors, while the shipping line proceeds with its reorganization in South Korea. Hanjin filed for relief under Chapter 15 of...more

Holiday Help for Hanjin Headaches: A Few Practical Pointers

by Benesch on

As most readers are aware, Hanjin Shipping Co. Ltd. (“Hanjin”) commenced insolvency proceedings in South Korea on August 31, 2016. Shippers, motor carriers, transportation intermediaries, and others are scrambling to react...more

New Delaware Chapter 15 Filing – Altos Hornos de México, S.A.B. de C.V.

by Cole Schotz on

Francisco Javier Gaxiola Fernández, the foreign representative of Altos Hornos de México, S.A.B. de C.V. (the “Debtor”) in a proceeding under Mexico’s Bankruptcy and Suspension of Payments law pending before the First Civil...more

Essar Steel Affiliates File Chapter 11 and Chapter 15 Petitions in Delaware

Certain North American based affiliates of Essar Steel Ltd (Mumbai) have today filed Chapter 11 and Chapter 15 petitions in Delaware. ESML Holdings Inc. and Essar Steel Minnesota LLC have filed Chapter 11 proceedings in...more

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