The purpose of Chapter 15, and the Model Law on which it is based, is to provide effective mechanisms for dealing with insolvency cases involving debtors, assets, claimants, and other parties of interest involving more than one country. This general purpose is realized through five objectives specified in the … See more Through the recognition process, chapter 15 operates as the principal door of a foreign representative to the federal and state courts of the United States. 11 U.S.C. § 1509. Once … See more One of the most important goals of chapter 15 is to promote cooperation and communication between U.S. courts and parties of interest with foreign courts and parties of interest in … See more Chapter 15 also gives foreign creditors the right to participate in U.S. bankruptcy cases and it prohibits discrimination against foreign creditors (except certain foreign government and tax claims, which may be governed by … See more If a full bankruptcy case is initiated by a foreign representative (when there is a foreign main proceeding pending in another country), bankruptcy court jurisdiction is … See more WebNov 23, 2024 · Virgin Atlantic recently filed an ancillary Chapter 15 proceeding in the US, relating to the primary restructuring proceedings it commenced in the UK. Restructuring & Chapter 11. Upon filing of a Chapter 11 bankruptcy petition, an automatic stay on enforcement is imposed which prohibits creditors from seeking to terminate leases, …
Overview of the key Chapter 15 decisions in 2024 United States Globa…
WebA prior chapter 15, consisting of sections 1501 to 151326, related to a pilot program for a United States trustee system, ... or pursuant to section 362(o) shall not be stayed by any … WebUS Bankruptcy Code to a Chapter 15 proceeding. Section V describes the uneven treatment of third-party releases in Chapter 15 cases across the 11 US Circuit Courts of Appeal, and the options Canadian practitioners have when seeking recognition of a plan that contemplates a third-party release. l g williams \\u0026 prichard
11 USC Ch. 15: ANCILLARY AND OTHER CROSS-BORDER CASES
WebMar 31, 2024 · Under Chapter 15, a foreign proceeding shall be recognized, if (i) the foreign proceeding is a foreign main or foreign nonmain proceeding, (ii) the petition for … WebNov 2014 - Present8 years 6 months. New York City. Blank Rome LLP is an Am Law 100 firm with 13 offices and more than 600 attorneys providing a full range of legal services to clients operating in ... WebOct 31, 2024 · Chapter 15 bankruptcies were established under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. A Chapter 15 proceeding provides a mechanism for bankruptcies with cross-border implications. Typically, a Chapter 15 proceeding will be ancillary to a bankruptcy proceeding brought about in another country. mcdowall integrative psychology \u0026 healthcare