Concurrent Plenary Insolvency Proceedings: Additional Options for Cross-Border Reorganization and Liquidation
For the most part, the U.S. Bankruptcy Code formally and specifically deals with cross-border cases through chapter 15, a statute based on the Model Law on Cross-Border Insolvency promulgated by the United Nations Commission on International Trade Law (“UNCITRAL”) in 1997. The purpose of chapter 15 is to enhance cooperation between U.S. and foreign courts in connection with cross-border insolvencies to promote greater legal certainty for trade and investment, fairness, value optimization of a debtor’s assets, and the protection of investment and employment. (Read more)
This article by Michael B. Schaedle, partner at Blank Rome, and Bryan J. Hall, associate at Blank Rome, is one in a series of articles written for Blank Rome Maritime's quarterly Mainbrace newsletter. To view the other articles in the March 2017 edition of Mainbrace, please click here.