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Cross-Border UNCITRAL Chapter 15

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

Jones Day

First Impressions: Singapore International Commercial Court Approves Cross-Border Prepackaged Scheme of Arrangement for...

Jones Day on

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

A&O Shearman

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

A&O Shearman on

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

Latham & Watkins LLP

Cross-Border Recognition: Hong Kong Schemes and the Compromise of Foreign Law-Governed Debt

Latham & Watkins LLP on

Judicial comments cast doubt on the ability to compromise US law-governed debt effectively based on Chapter 15 recognition alone. A recent first instance decision in Hong Kong has highlighted an important...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

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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," which...more

Hogan Lovells

First English Scheme of Arrangement Recognised in Canada under the CCAA

Hogan Lovells on

In a recent decision, the Ontario Superior Court of Justice recognised the English law schemes of arrangement of the Syncreon group under the Companies’ Creditors Arrangement Act, RSC 1985, c C-36 (“CCAA“). ...more

Jones Day

Bankruptcy Court in Chapter 15 Case Refuses to Extend Comity to Gibbs Rule in Enforcing Croatian Settlement Modifying English-Law...

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For more than a century, courts in England and Wales have refused to recognize or enforce foreign court judgments or proceedings that discharge or compromise debts governed by English law. In accordance with a rule (the...more

Blank Rome LLP

UNCITRAL’s Model Law on Recognition and Enforcement of Insolvency-Related Judgments – A Universalist Approach to Cross-Border...

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In its July 2018 session, UNCITRAL adopted and promulgated the Model Law on Recognition and Enforcement of Insolvency-Related Judgments (“MLIRJ”). The MLIRJ has been developed over the last four years by UNCITRAL’s Working...more

Jones Day

New UNCITRAL Model Law on the Recognition and Enforcement of Insolvency-Related Judgments

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On September 18, 2018, the United Nations Commission on International Trade Law ("UNCITRAL") published its final version of the new Model Law on the Recognition and Enforcement of Insolvency-Related Judgments (the "IRJ Model...more

Jones Day

Proposed Amendments to Chapter 15 of the Bankruptcy Code

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On August 20, 2018, the National Bankruptcy Conference (the "NBC") submitted a letter (the "Letter") to representatives of the House Subcommittee on Regulatory Reform and the House Committee on the Judiciary that proposed...more

Jones Day

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

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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

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