News & Analysis as of

Foreign Entities Debtors

IR Global

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

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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

Eversheds Sutherland (US) LLP

Getting over the starting line: How multi-entity organizational structures can become a barrier to Chapter 15 relief

Chapter 15 of the Bankruptcy Code provides a valuable tool for non-US entities going through foreign insolvency proceedings when they have assets located in the United States. Chapter 15 can protect the value of US assets by...more

Orrick, Herrington & Sutcliffe LLP

Update To Madoff

Following our post on the district court’s extraterritoriality decision, the bankruptcy court dismissed the actions against several defendants on the grounds that the presumption against extraterritoriality and international...more

Patterson Belknap Webb & Tyler LLP

Chapter 15: Court Permits Foreign Debtors to Access and Receive Funds in U.S. Account

A court in New York has allowed offshore debtors to take control of an investment account in the U.S. over the objection of a shareholder. At stake was the court’s discretion to permit chapter 15 debtors to access the funds...more

WilmerHale

Seeing Double? Two Judges, Two Lawsuits, Two Types of Bankruptcy - But a Single Vision for Comity in Cross-Border Insolvencies

WilmerHale on

The recent decision in In re National Bank of Anguilla (Private Banking Trust) Ltd.1 may cause readers to do a double-take. First, it is co-authored by two bankruptcy judges: Hon. Stuart M. Bernstein and Hon. Martin Glenn....more

Hinshaw & Culbertson LLP

Maine Ups the Ante on Debt Collection Licensing

The State of Maine recently enacted legislation that greatly expands those entities required to obtain a debt collection license. Previously, a debt collector needed to obtain a license if it was attempting to collect a debt...more

Shumaker, Loop & Kendrick, LLP

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

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