On March 11, 2025, the Committee to Enhance Singapore's Corporate Restructuring and Insolvency Regime (the "Committee") published a report (the "Report") outlining its recommendations to further enhance and modernize...more
Nearing its 20th anniversary, chapter 15 of the Bankruptcy Code is an invaluable framework for coordinating cross-border bankruptcy cases involving foreign debtors that have assets located in the United States. It includes a...more
3/28/2025
/ Bankruptcy Code ,
Bankruptcy Court ,
Cayman Islands ,
Chapter 15 ,
Comity ,
Commercial Bankruptcy ,
Creditors ,
Debtors ,
Foreign Bankruptcies ,
Investment Funds ,
Jurisdiction ,
Liquidation ,
Settlement Agreements
"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
3/25/2025
/ Bankruptcy Court ,
Breach of Contract ,
Chapter 15 ,
Comity ,
Commercial Bankruptcy ,
Dispute Resolution ,
Foreign Bankruptcies ,
Foreign Jurisdictions ,
Insolvency ,
Jurisdiction ,
Litigation Strategies ,
New Jersey ,
Singapore
The expansion of global commerce in recent years has been accompanied by a significant increase in the volume of cross-border bankruptcy cases. Many of those cases involve "recognition" of foreign bankruptcy or insolvency...more
2/3/2025
/ Asset Freeze ,
Bankruptcy Code ,
Bankruptcy Court ,
Chapter 15 ,
Comity ,
Commercial Bankruptcy ,
Corporate Veil ,
Foreign Bankruptcies ,
Insolvency ,
Jurisdiction ,
Public Policy ,
Reorganizations
It is generally recognized that an order of a U.S. bankruptcy court recognizing a debtor's foreign bankruptcy proceeding as a "main" proceeding under chapter 15 of the Bankruptcy Code triggers the automatic stay preventing...more
"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
One year ago, we wrote that 2022 would be remembered in the corporate bankruptcy world for the "crypto winter" that descended in November 2022 with the spectacular collapse of FTX Trading Ltd., Alameda Research, and...more
2/13/2024
/ Bankruptcy Code ,
Bankruptcy Court ,
Chapter 11 ,
Chapter 13 ,
Chapter 15 ,
Commercial Bankruptcy ,
Cryptocurrency ,
Debtors ,
Debtors-in-Possession ,
Dismissals ,
Financial Institutions ,
Insolvency ,
Jurisdiction ,
Mass Tort Litigation ,
Remedies ,
Special Purpose Acquisition Companies (SPACs) ,
Trustees
The Situation: The Adler Group sought to restructure more than €6 billion of debt by means of a UK restructuring plan ("RP"), to give itself a runway for a planned wind-down and asset sales, leading to an enhanced return for...more
2/9/2024
/ Commercial Bankruptcy ,
Cramdown ,
Creditors ,
Debt ,
Debt Restructuring ,
Insolvency ,
Jurisdiction ,
Lenders ,
Pari Passu ,
Restructuring ,
Shareholders ,
UK ,
Winding Down
The foundation of chapter 15 of the Bankruptcy Code and similar legislation enacted by other countries to govern cross-border bankruptcy cases is "comity" and cooperation among U.S. and foreign courts. The importance of these...more
1/28/2022
/ Adversary Proceedings ,
Bankruptcy Code ,
Bankruptcy Court ,
Brazil ,
Chapter 15 ,
Commercial Bankruptcy ,
Creditors ,
Debtors ,
Dismissals ,
Foreign Bankruptcies ,
Jurisdiction
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
Background of the Pilot Measure The mechanism set out in "The Supreme People's Court's Opinion on Taking Forward a Pilot Measure in relation to the Recognition of and Assistance to Insolvency Proceedings in the Hong Kong...more
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
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
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." Since chapter 15 of the Bankruptcy Code was enacted in 2005, it has...more
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
Even if a U.S. court has jurisdiction over a lawsuit involving foreign litigants, the court may conclude that a foreign court is better suited to adjudicate the dispute because either: (i) it would be more convenient, fair,...more
6/8/2018
/ Aiding and Abetting ,
Avoidance ,
Bankruptcy Code ,
Breach of Duty ,
Chapter 11 ,
Chapter 15 ,
Commercial Bankruptcy ,
Cross-Border ,
Debtors ,
Foreign Bankruptcies ,
Foreign Debt ,
Forum Non Conveniens ,
Forum Shopping ,
Fraudulent Transfers ,
Jurisdiction
In determining whether a U.S. bankruptcy court should provide the representative of a foreign debtor with various forms of assistance in a case under chapter 15 of the Bankruptcy Code, the court must consider, consistent with...more
4/19/2018
/ Bankruptcy Code ,
Bankruptcy Court ,
Chapter 15 ,
Choice-of-Law ,
Creditors ,
Debtors ,
Foreign Debt ,
Foreign Jurisdictions ,
Insolvency ,
Jurisdiction ,
The Model Law ,
Venue
With the significant increase in cross-border bankruptcy and insolvency filings in the 43 nations or territories that have adopted the UNCITRAL Model Law on Cross-Border Insolvency (the "Model Law"), including the U.S., the...more
11/22/2017
/ Cayman Islands ,
Chapter 15 ,
COMI ,
Commercial Bankruptcy ,
Credit Agreements ,
Cross-Border ,
Debt Restructuring ,
Debtor-Creditor ,
Financial Institutions ,
Foreign Debt ,
Insolvency ,
Jurisdiction ,
Liquidation ,
Securities and Exchange Commission (SEC)
In the March/April 2013 edition of the Business Restructuring Review, we reported on an opinion by the U.S. Bankruptcy Court for the Southern District of New York concluding that a chapter 15 debtor’s sale of claims against...more
8/16/2017
/ 363 Sales ,
Abandonment ,
Appeals ,
Bankruptcy Court ,
Bernie Madoff ,
British Virgin Islands ,
Chapter 15 ,
Comity ,
Commercial Bankruptcy ,
Court Nullification ,
Debtors ,
Determination on Remand ,
Foreign Debt ,
Jurisdiction ,
Liquidation ,
Ponzi Scheme ,
Reaffirmation ,
Sale of Assets ,
SIPA