Zone of Insolvency

Zone of Insolvency

Tag Archives: Chapter 15

Delaware Bankruptcy Court Limits Access to Emails in Cross-Border Bankruptcy Case

Posted in Bankruptcy
A recent decision by Judge Sontchi in the Bankruptcy Court for the District of Delaware casts some light on the methods that representatives of non-U.S. debtors can—and can’t—use to track down those who owe such debtors money. The Representatives of the Irish liquidation proceeding for Irish Bank Resolution Corporation Limited (“IBRC”) obtained recognition of the… Continue Reading

Bankruptcy Court Authorizes Hellas II Liquidators to Proceed with Claims against Apax, TPG and Others

Posted in Bankruptcy
Chadbourne & Parke LLP currently represents the English liquidators of Hellas Telecommunications (Luxembourg) II SCA, a company that formerly owned one of the largest mobile phone operators in Greece. On behalf of the English liquidators, in 2012 Chadbourne obtained an order from the US Bankruptcy Court from the Southern District of New York granting Chapter… Continue Reading

Provisional Liquidators’ Proper Planning Enabled Chapter 15 Recognition

Posted in Bankruptcy
At times, United States courts have been reluctant to grant recognition to foreign proceedings involving offshore “exempted” companies under Chapter 15 of the Bankruptcy Code. For example, the United States Bankruptcy Court for the Southern District of New York denied a request for recognition of the Cayman Islands liquidation of certain Bear Stearns funds. Following… Continue Reading

Foreign or Domestic, Licensees Have Rights Too

Posted in Bankruptcy
In a United States bankruptcy case, licensees of intellectual property are granted certain protections under Bankruptcy Code section 365(n) if a debtor rejects (terminates) the license. These protections, however, are not guaranteed when the debtor licensor is subject to a foreign insolvency proceeding. Nevertheless, as previously reported in the February 2012 issue of the International… Continue Reading

In re Millard: An Example Of Recognition Under Chapter 15

Posted in Bankruptcy
Chapter 15 of the Bankruptcy Code provides a relatively straightforward procedure to obtain recognition of a “foreign proceeding” in the United States. In particular, a foreign proceeding shall be recognized if (1) the foreign proceeding is a foreign main or foreign nonmain proceeding, (2) the petition for recognition was filed by a foreign representative and… Continue Reading