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Chapter 15

Jones Day

New York Bankruptcy Court Rules that Good Faith Is Not the Gatekeeper to Chapter 15

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Despite the absence of any explicit directive in the Bankruptcy Code, it is well understood that a debtor must file a chapter 11 petition in good faith. The bankruptcy court can dismiss a bad faith filing "for cause,"...more

Allen & Overy LLP

The sun never sets on English law governed debt: reviewing the Re Prosafe SE decision

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The recent decision in Re Prosafe SE pits the principle of freedom of contract against the increasingly popular modified universalism in the cross-border restructuring and insolvency space. Please see full Publication...more

Jones Day

Business Restructuring Review | November–December 2021

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New York Bankruptcy Court Rules That Good Faith Is Not The Gatekeeper To Chapter 15 - Despite the absence of any explicit directive in the Bankruptcy Code, it is well understood that a debtor must file a chapter 11...more

Jones Day

Eleventh Circuit Splits From Second Circuit on Finality of Chapter 15 Discovery Orders

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Chapter 15 petitions seeking recognition in the United States of foreign bankruptcy proceedings have increased significantly during the more than 16 years since chapter 15 was enacted in 2005. Among the relief commonly sought...more

Jones Day

New York Bankruptcy Court Rules that Good Faith Is Not the Gatekeeper to Chapter 15

Jones Day on

Despite the absence of any explicit directive in the Bankruptcy Code, it is well understood that a debtor must file a chapter 11 petition in good faith. The bankruptcy court can dismiss a bad faith filing "for cause," which...more

Jenner & Block

Recent Developments in Bankruptcy Law, October 2021

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AVOIDING POWERS - Fraudulent Transfers - Trustee may avoid transfer as actual fraudulent transfer only if ultimate decision-maker has fraudulent intent. Before entering into a two-step LBO transaction, the debtor formed...more

Dentons

Follow the Yellow Brick Road: The Single Point of Entry and Chapter 15

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Recently, there has been a divergence of opinion when it comes to whether a foreign liquidator must commence a Chapter 15 case before seeking comity in the United States (the “US”)....more

Jones Day

N.Y. District Court Rules that Chapter 15 Recognition Not Required to Enforce Foreign Bankruptcy Injunction

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U.S. courts have a long-standing tradition of recognizing or enforcing the laws and court rulings of other nations as an exercise of international "comity." It has been generally understood that recognition of a foreign...more

Jones Day

Business Restructuring Review | July-August 2021

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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...more

Jones Day

U.S. Bankruptcy Code Tolling Provision Applies in Chapter 15 Case to Extend Deadlines Under Foreign Bankruptcy Law

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In In re Bankr. Est. of Norske Skogindustrier ASA, 2021 WL 1687903 (Bankr. S.D.N.Y. Apr. 29, 2021), the U.S. Bankruptcy Court for the Southern District of New York held that a foreign representative in a case under chapter 15...more

Jones Day

Illinois Bankruptcy Court Examines Statutory Authority for Enforcing Foreign Bankruptcy Court Orders in Chapter 15 Cases

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In cases under both chapter 15 of the Bankruptcy Code and its repealed predecessor, section 304, U.S. bankruptcy courts have routinely recognized and enforced orders of foreign bankruptcy and insolvency courts as a matter of...more

Jones Day

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

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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...more

Blank Rome LLP

Fundamental Procedural Fairness: The Sine Qua Non for the Enforcement of Third-Party Releases Authorized in a Foreign Proceeding

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Third-party releases have perennially been a hot-button issue in U.S. chapter 11 reorganization cases and have resulted in additional scrutiny in the context of chapter 15 cases, where such releases are included in a foreign...more

Akin Gump Strauss Hauer & Feld LLP

The New Cross-Border Arrangement Between Hong Kong and Mainland China on Insolvency and Restructuring Matters – A Comparison with...

On May 14, 2021, the Department of Justice of the government of the Hong Kong Special Administrative Region announced that the Secretary for Justice of Hong Kong and the Vice-president of the Supreme People’s Court (the...more

Dentons

UPDATE: Fairfield Sentry Revisited: Beyond the rhetoric of approach, US safe harbor provisions continue to apply to analogous...

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In March 2021, Dentons published, “Fairfield Sentry: A look into the application of the US safe harbor provisions and the Hague Convention to foreign claims,” (available here) which examined the December 14, 2020 memorandum...more

Dechert LLP

Does Section 546(e) Bar Foreign Law Avoidance Actions in Chapter 15?

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Turns out, it depends on who you ask. Judge Bernstein said no. Recently, Judge Glenn said yes, but only for causes of action that resemble actual fraudulent transfers. It is unusual for the bankruptcy judges in Manhattan to...more

Dentons

Fairfield Sentry: A look into the application of the US safe harbor provisions and the Hague Convention to foreign claims

Dentons on

What happens when avoidance claims under foreign insolvency law face off against US bankruptcy law’s safe harbor provisions? Can service on non-US parties be proper even when conceded to be inconsistent with the Hague...more

McDermott Will & Emery

The Evolution of Cross-Border Restructuring Processes

It’s a small world, and particularly for global companies considering restructuring. Transactions rely increasingly on international synergies. Are you up to date on the details of cross-border processes? Mark Fine, Bradley...more

Jones Day

Selecta Determination Provides Further Guidance on Chapter 15 and Bankruptcy Credit Events

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The EMEA Determinations Committee's recent bankruptcy determination involving Selecta CDS provides additional insight on the types of chapter 15 filings that are likely to trigger Credit Events. On October 12, 2020, the...more

White & Case LLP

US Chapter 15: Recognition of Indonesian Reorganization Plan

White & Case LLP on

On September 14, 2020, the US Bankruptcy Court for the Southern District of New York recognized the Indonesian court-supervised restructuring plan for the Indonesian Duniatex textiles group ("Duniatex Group") under Chapter...more

Kramer Levin Naftalis & Frankel LLP

Decoding Derivatives – Q3 2020

DC Avoids Getting Its Wires Crossed With Wirecard - Following its application to the Munich District Court to open preliminary insolvency proceedings, Wirecard was alleged to have been subject to a bankruptcy credit event....more

Jones Day

Matalan: (Some) Additional Clarity on the Impact of English Schemes and Chapter 15 on CDS

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The Situation: On August 11, 2020, a Credit Derivatives Determinations Committee for EMEA ("DC") unanimously determined that the Chapter 15 filing by British retailer Matalan triggered a Bankruptcy Credit Event under standard...more

WilmerHale

Olinda Star Achieves Broad Intercompany Cross-Border Relief

WilmerHale on

Complex intercorporate structures and related financings pose specific challenges in the cross-border insolvency context. Where a number of affiliates are liable for the debts of a common corporate enterprise, complete...more

Jackson Walker

Chapter 15 Bankruptcy Issues, Venue, and Jurisdiction by Kristhy Peguero and Jennifer Wertz

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Many of us have a basic understanding of U.S. bankruptcy filings under chapters 7, 11, and 13, but we may not know very much about chapter 15. Jackson Walker Bankruptcy, Restructuring, & Recovery attorneys Kristhy Peguero and...more

Shumaker, Loop & Kendrick, LLP

Sales incentives and setoff: Using rebates to recover receivables

In assisting companies doing business with their customers and the supply chain, we have noted that companies increasingly propose to their customers incentives to purchase goods, often in the form of rebates and discounts. ...more

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