Chapter 15 Overview

Summary

This practice note provides an overview of Chapter 15 of the Bankruptcy Code. Chapter 15 provides a U.S. Bankruptcy Court with the authority to recognize, either as a foreign main or foreign non-main proceeding, a foreign insolvency case concerning an entity. Recognition of a bona fide foreign proceeding is meant to be readily obtainable. Further, Chapter 15 codifies the scope of relief that may be available to a foreign representative upon recognition by the U.S. Bankruptcy Court of a foreign case, depending upon whether such foreign case is recognized as a foreign main or foreign non-main proceeding. See, e.g. 11 U.S.C. § 1521 (providing statutory relief available to a foreign representative after recognition in either a main or non-main proceeding).