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Learn about chapter 15, a new chapter in the Bankruptcy Code that deals with cross-border insolvency cases involving more than one country. Find out how chapter 15 operates, what are its objectives, and how it relates to the UNCITRAL Model Law on Cross-Border Insolvency.
Jul 26, 2023 · Chapter 15 bankruptcy isn’t for the reorganization, discharge, or liquidation of debt. Instead, it’s a set of rules and procedures that determine how the United States court system will handle foreign bankruptcy proceedings that involve assets in the U.S.
- Legal Writer, Retired Attorney
May 31, 2022 · Chapter 15 is a section in the U.S. Bankruptcy Code that allows foreign companies to file for bankruptcy in the U.S. and access the U.S. court system. It was added in 2005 to promote cooperation, legal certainty, and protection of cross-border insolvencies involving U.S. financial interests.
Oct 16, 2023 · Chapter 15 — Bankruptcy Law Basics. Chapter 15 is a new chapter added to the Bankruptcy Code by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. It is the U.S. domestic adoption of the Model Law on Cross-Border Insolvency promulgated by the United Nations Commission on International Trade Law ("UNCITRAL") in 1997, and it ...
Feb 3, 2022 · Chapter 15 bankruptcy is legal filing that allows a foreign debtor to file for bankruptcy in the United States court system. It is used for insolvency cases that involve people or businesses with assets in more than one country.
Mar 26, 2024 · Chapter 15 bankruptcy is a legal provision in the United States that deals with recognizing and assisting international insolvency cases. It is an integral part of U.S. bankruptcy law. It enables foreign debtors and their representatives to navigate and seek cooperation with U.S. courts in cross-border insolvency matters.
Many Chapter 15 decisions are focused on the first requirement—whether the foreign proceeding is a foreign main proceeding or a foreign nonmain proceeding. In 2020, the US Bankruptcy Court for the Southern District of New York addressed the issue in the corporate and individual debtor context.
