Chapter 15 Case Demonstrates Its Effectiveness as an Expedient Judicial Solution for Singaporean Insolvencies in the United States[1]
The Bottom Line
Chapter 15 of the Bankruptcy Code (which is based upon the UNCITRAL Model Law on Cross-Border Insolvency) is designed to facilitate cross-border cooperation and coordination among courts during a pending bankruptcy or insolvency proceeding outside of the United States. Under Chapter 15, a foreign representative may file a petition for recognition of the foreign proceeding, thereby commencing an ancillary insolvency proceeding in the U.S. and enabling the foreign representative, foreign and domestic creditors, and other parties in interest to avail themselves of various forms of relief…
