Business Restructuring Review | July-August 2021

Chapter 15 Update: U.S. Bankruptcy Court Refuses To Enforce Order Approving Indonesian Debt Restructuring Plan Due To Third-party Releases -

Cross-border bankruptcy cases filed in the U.S. under chapter 15 of the Bankruptcy Code on behalf of foreign businesses doubled during 2020 and are on pace to set another record-breaking year in 2021 (with more than 123 filings in the first half of the year alone). Foreign debtors are increasingly looking to chapter 15 as a vehicle for enjoining creditor actions against their U.S. assets pending completion of foreign bankruptcy proceedings, enforcing foreign court orders issued or plans approved in such proceedings, avoiding preferential and fraudulent transfers involving U.S. transferees, and seeking discovery from U.S.-based parties in connection with pending or anticipated litigation.

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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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