News & Analysis as of

Chapter 15

Cross-Border Clash for the Brazilian Dutch Telco in the U.S. Courts

by Morrison & Foerster LLP on

Distressed and special situations investors should take note of the U.S. Bankruptcy Court’s recent decision in Oi’s Chapter 15 case. We present our takeaways for investors. The U.S. Bankruptcy Court refused to recognise...more

The Magic of Mt. Gox

by Bryan Cave on

Arthur C. Clarke famously observed: “Any sufficiently advanced technology is indistinguishable from magic.” Our regulatory, legislative, and judicial systems illustrate this principle whenever new technology exceeds the...more

Cross-Border Bankruptcy Update: COMI Migration and Illegitimate COMI Manipulation Distinguished

by Jones Day on

With the significant increase in cross-border bankruptcy and insolvency filings in the 43 nations or territories that have adopted the UNCITRAL Model Law on Cross-Border Insolvency (the "Model Law"), including the U.S., the...more

SDNY Ruling Restricts Involuntary Bankruptcy Filings Against Chapter 15 Debtors

by Latham & Watkins LLP on

Cross-border debtors gain another tool to use against dissident creditors seeking to disrupt foreign restructuring proceedings. Introduction - In In re Ocean Rig UDW Inc., et al., Case No. 17-10736, a creditor...more

Restructuring and Insolvency Bulletin Issue 2 - 2017: An update on COMI shifting to take advantage of the best insolvency tools to...

by Dechert LLP on

The EU has taken aim at fraudulent or abusive forum shopping in the Recast Insolvency Regulation, acknowledging the potential for misuse by debtors seeking to take advantage of more flexible insolvency processes available in...more

Can An Entity Qualify as a Chapter 15 Debtor Without Ever Filing for Bankruptcy?

by Dechert LLP on

Chapter 15 of the Bankruptcy Code provides a framework through which representatives of foreign insolvency proceedings can commence ancillary U.S. proceedings and obtain relief from U.S. courts in aid of foreign...more

Court permits strategic transfer of Center of Main Interests (COMI) in Chapter 15 Case

by Hogan Lovells on

The bankruptcy court in In re Ocean Rig UDW Inc., 17-10736 (Bankr. S.D.N.Y. Aug. 24, 2017) determined that a decision by an offshore drilling company from the Republic of the Marshall Islands (RMI) to shift its Center of...more

Restructuring and Insolvency Bulletin Issue 2 - 2017: U.S. Court recognizes a Russian bankruptcy case

by Dechert LLP on

The Bankruptcy Court of the Southern District of New York recently addressed objections to the recognition of a Russian bankruptcy case as a foreign main case under Chapter 15 of the U.S. Bankruptcy Code and to the...more

Second Circuit Affirms Bankruptcy Court’s Nullification of Chapter 15 Debtor’s Sale of Claim Due to Woefully Inadequate Price

by Jones Day on

In the March/April 2013 edition of the Business Restructuring Review, we reported on an opinion by the U.S. Bankruptcy Court for the Southern District of New York concluding that a chapter 15 debtor’s sale of claims against...more

Courts, Cooperation, and More: A Review of Cross-Border Insolvency Protocols

by Jones Day on

In cross-border restructuring cases, including cases under chapter 15 of the U.S. Bankruptcy Code and versions of the UNCITRAL Model Law on Cross-Border Insolvency enacted in 42 other nations or territories, interested...more

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

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