Tag Archives: chapter 15

Chapter 15 Does Not Prohibit Foreign Representatives From Pursuing State And Foreign Law Avoidance Actions

Last month Bankruptcy Judge Isacoff in the Southern District of Florida held that a foreign representative may bring state law and foreign law avoidance actions notwithstanding section 1521(a)(7) of the Bankruptcy Code. The case, Laspro Consulores LTDA v. Alinia Corp. (In re Massa Falida Do Banco Cruzeiro Do Sul S.A.), deals with the fraudulent activity … Continue Reading

English Court decides who can be a foreign representative under Cross-Border Insolvency Regulations 2006

The English Court has recently considered who can be  recognised as  “foreign representatives” under the Cross-Border Insolvency Regulations 2006 (CBIR) in the case of Re 19 Entertainment Limited, about a US company in Chapter 11. The Re 19 Entertainment judgment appears to be the first English case where directors of a company in Chapter 11 … Continue Reading

German Administrator of Maple Bank GmbH seeks Chapter 15 Recognition in US

Maple Bank GmbH (“Maple”) has operated in Frankfurt, Germany since 1994. The bank acted in the business areas of equity and fixed income trading, repos and securities lending, deposits, structured products and institutional sales. Maple has branches in Germany, Netherlands and Canada and subsidiaries in U.S., U.K. and the Cayman islands. It is part of the … Continue Reading

Managing the Chapter 15 Cross-Border Insolvency Case – A Book Review of The Pocket Guide for Judges by the Honourable Louise De Carl Adler

Chapter 15 of the Bankruptcy Code provides a mechanism for a foreign debtor or representative in non-U.S. insolvency proceedings to protect such debtor’s U.S. assets from U.S. creditors’ collection actions or to stay any litigation commenced in the U.S. The ultimate goal in a chapter 15 proceeding is to preserve the value of the assets … Continue Reading

Show Me the Money – Courts in the Second Circuit Continue to Apply Section 109 to Chapter 15 Cases and Cash in the Bank Does the Job

In December 2013, the Court of Appeals for the Second Circuit held that section 109 of the Bankruptcy Code was applicable to Chapter 15 cases.  In Drawbridge Special Opportunities Fund LP v. Barnet (In re Barnet), 737 F.3d 238 (2d Cir. 2013), the Court engaged in a statutory analysis and determined that Chapter 1 of … Continue Reading