London: +44 (0)20 7236 2601
St Albans: +44 (0)1727 869141
Rickmansworth: +44 (0) 1923 771010
Milton Keynes: +44 (0)1908 605552

Chapter 15: US Cross-Border Insolvency Rules

Bob Eisenbach's post at In The (Red) is a great overview of Chapter 15, the US implementation of the UNCITRAL Model Law on Cross-Border Insolvency.

As Bob says:

On October 17, 2005, as part of the Bankruptcy Abuse Prevention and Consumer Protection Act (known as "BAPCPA"), a new Chapter 15 of the Bankruptcy Code went into effect governing ancillary and other cross-border cases. (For those already familiar with ancillary proceedings, Section 304 of the Bankruptcy Code, which previously governed those proceedings, was repealed although many of its concepts have been retained in Chapter 15.)"

Chapter 15 is used:

  • principally by representatives of or creditors in foreign insolvency proceedings to obtain assistance in the United States;
  • by a debtor or others seeking to obtain assistance in a foreign country regarding a bankruptcy case in the United States; or
  • when both a foreign proceeding and a bankruptcy case in the United States are pending with respect to the same debtor.

A really useful feature of Bob's post for those who want detailed analysis is the chart comparing Chapter 15 and the Model Law's provisions, prepared by his partner Adam Rogoff.

 

 

Date: 24th February, 2007
Author: Chris Laughton

SHARE THIS

Articles from this Author

Contact a Partner

Tweet

We enjoyed tea and cake with Flo and presented a cheque to @willenhospice for proceeds of #timefortea pic.twitter.com/uDUvt3cOJw

Our latest edition of UK Inward Investment - what are the opportunities for you, is out now bit.ly/2xB0cun click to read more

Follow

LinkedIn

For the latest Mercer & Hole news, visit our LinkedIn page mercer-&-hole

Click here to follow us on LinkedIn