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Cross-Border Insolvency Debtors

Pillsbury Winthrop Shaw Pittman LLP

Recent Decision Holds Bankruptcy Courts May Independently Grant Nonconsensual Third-Party Releases to Enforce Foreign...

On April 21, 2025, Chief Judge Martin Glenn of the U.S. Bankruptcy Court for the Southern District of New York issued a memorandum opinion in In re Odebrecht Engenharia e Construção S.A., Case No. 25-10482 (MG), addressing...more

Blake, Cassels & Graydon LLP

Landing in a Safe Harbour: Five Takeaways From the Red Lobster Cross-Border Restructuring

In May 2024, Red Lobster Management LLC (RL Management) and fourteen of its affiliates (collectively, Red Lobster), including Red Lobster Canada Inc. (Red Lobster Canada), commenced proceedings in the United States Bankruptcy...more

Pillsbury Winthrop Shaw Pittman LLP

U.S. Bankruptcy Court Confirms Nonconsensual Third-Party Releases May Be Recognized Under Chapter 15 of the Bankruptcy Code

A recent Bankruptcy Court decision granted recognition to a Mexican concurso mercantile and gave full force and effect to a Mexican concurso plan that contained nonconsensual third-party releases....more

Kramer Levin Naftalis & Frankel LLP

Chapter 15 Case Demonstrates Its Effectiveness as an Expedient Judicial Solution for Singaporean Insolvencies in the United States

Chapter 15 of the Bankruptcy Code (which is based upon the UNCITRAL Model Law on Cross-Border Insolvency) is designed to facilitate cross-border cooperation and coordination among courts during a pending bankruptcy or...more

IR Global

UNCITRAL Model Law on cross-border insolvency, with a focus on the USA

IR Global on

Chapter 15 of the United States Bankruptcy Code, enacted in 2005, was intended to govern all aspects of cross-border bankruptcy and insolvency proceedings. The framers of Chapter 15 were desirous of providing a practical and...more

Conyers

Assisting Foreign Restructurings – BVI Expands List of Countries Able to Seek Assistance

Conyers on

The British Virgin Islands has, as of 18 September 2024, extended the list of ‘Relevant Foreign Countries’ for the purposes of Part XIX of the BVI Insolvency Act, which governs Orders in Aid of Foreign Proceedings. These...more

WilmerHale

Trending: Special Deference for Foreign Insolvency Proceedings Both In and Out of Chapter 15

WilmerHale on

Several cases this year have demonstrated the continuing trend of U.S. courts’ respect toward foreign insolvency proceedings. Recent decisions from the Third and Eleventh Circuits, Southern District of New York and other...more

Jones Day

Business Restructuring Review Vo. 23 No. 5 - September–October 2024

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The Singapore International Commercial Court (the "SICC"), a division of the General Division of the High Court and part of the Supreme Court of Singapore, was established in 2015 as a trusted neutral forum to meet increasing...more

Paul Hastings LLP

The Legal 500’s Restructuring & Insolvency Comparative Guide

Paul Hastings LLP on

Our London Financial Restructuring team authored the UK chapter of the 8th Edition of The Legal 500’s “Restructuring & Insolvency Comparative Guide". The guide provides information on the current issues affecting...more

Jones Day

Third Circuit Updates Its Standard for Granting Comity to Foreign Bankruptcy Proceedings

Jones Day on

"Comity" is a principle of jurisprudence whereby, under appropriate circumstances, one country recognizes within its borders the legislative, executive, or judicial acts of another nation. Many recent court rulings have...more

Jones Day

Delaware Bankruptcy Court: "Center of Main Interests" for Purposes of Chapter 15 Recognition Must Be Determined on...

Jones Day on

Determining a foreign debtor's "center of main interests" ("COMI") for purposes of recognizing a foreign bankruptcy proceeding in the United States under chapter 15 of the Bankruptcy Code can be problematic in cases...more

Patterson Belknap Webb & Tyler LLP

Courts Split Over Requirement for Chapter 15 Jurisdiction in the U.S.

To file bankruptcy in the U.S., a debtor must reside in, have a domicile or a place of business in, or have property in the United States. 11 U.S.C. § 109(a). In cross border chapter 15 cases, courts have considered whether...more

Akin Gump Strauss Hauer & Feld LLP

Adler Restructuring Plan Set Aside: Reflections on the English Court of Appeal’s Landmark Ruling

In one of the most highly anticipated judgments in the European restructuring market in recent years, on 23 January 2024, the English Court of Appeal overturned the High Court’s decision sanctioning the Adler restructuring...more

A&O Shearman

Interpreting the UNCITRAL Model Law on Cross-Border Insolvency: Singapore courts adopt a uniform, consistent and expansive...

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Creditors involved in cross-border restructuring or insolvency proceedings of corporate groups will find that the approach of the Singapore courts to questions of cross-border insolvency provides the assurance of an orderly...more

Jenner & Block

Compilation of Recent Developments in Bankruptcy Law - April 2023

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Recent Developments in Bankruptcy Law - Cumulative, through April 2023 - 1. AUTOMATIC STAY - 1.1 Covered Activities - 1.1.a Court denies injunction against actions involving debtors’ affiliates. Shortly after filing...more

Jones Day

Chapter 15 Recognition Limited to Foreign Insolvency, Liquidation, or Restructuring Proceedings

Jones Day on

In In re Global Cord Blood Corp., 2022 WL 17478530 (Bankr. S.D.N.Y. Dec. 5, 2022), the U.S. Bankruptcy Court for the Southern District of New York denied without prejudice a petition filed by the joint provisional liquidators...more

Jones Day

Foreign Representative's Failure to Communicate with Bankruptcy Court Warrants Closure of Chapter 15 Case

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Like debtors, bankruptcy trustees, official committees, examiners, and estate-compensated professionals, foreign representatives in chapter 15 cases have statutory reporting obligations to the bankruptcy court and other...more

Jenner & Block

Compilation of Recent Developments in Bankruptcy Law - January 2023

Jenner & Block on

1. AUTOMATIC STAY - 1.1 Covered Activities - 1.1.a Court declines to enjoin third party claims against the debtor’s jointly liable parent corporation. The debtor manufactured earplugs for many years. A major...more

Nelson Mullins Riley & Scarborough LLP

Cross-Border Bankruptcy Cases: Chapter 15 of the Bankruptcy Code and Parameters of a Discovery Tool

Procedure - Chapter 15 of the United States Bankruptcy Code was enacted in 2005 and represents the United States’ adoption of the “Model Law on Cross-Border Insolvency so as to provide effective mechanisms for dealing...more

International Lawyers Network

Bankruptcy, Insolvency & Rehabilitation Proceedings in Austria (Updated)

KEY FACTS OF BANKRUPTCY, INSOLVENCY & REHABILITATION PROCEEDINGS UNDER AUSTRIAN LAW - 1. Introductory Remarks on Austria’s Legal System - Austria has a civil law system, as opposed to the common law system of e.g., the...more

White & Case LLP

The Singapore Court of Appeal considers the UNCITRAL Model Law

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The automatic stay under the version of the UNCITRAL Model Law on Cross-Border Insolvency adopted by Singapore ("Singapore Model Law") is an accessible and powerful tool for protection under the Singapore restructuring regime...more

Hogan Lovells

Hong Kong and mainland China agree new co-operation mechanism for cross-border insolvency

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Hong Kong and the Mainland have agreed a new co-operation mechanism for cross-border insolvency. Under the agreement, liquidators from Hong Kong may apply to Mainland courts for recognition of insolvency proceedings in Hong...more

Akin Gump Strauss Hauer & Feld LLP

The Hong Kong Court Reconsiders the Primacy of the Jurisdiction of Incorporation in Cross-Border Insolvency Proceedings

In Re Lamtex Holdings Limited, the Hong Kong Companies Court recently ordered the winding-up of a Bermuda-incorporated Hong Kong-listed company. While the winding-up in Hong Kong of a foreign-incorporated company is not...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

Hogan Lovells

A welcome red packet – Hong Kong court recognises mainland Chinese administrators for first time

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Just in time for Chinese New Year, a Hong Kong court has taken a major step forward in the developing law on cross-border insolvency by recognising a mainland Chinese liquidation for the first time. ...more

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