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Inaugural Survey of Chapter 15 of the Bankruptcy Code (The Business Lawyer)

March 2023 Reprint

The Firm's Dan Moss, Corinne Ball, Benjamin Rosenblum, Jasper Berkenbosch, Erik Schuurs, Sushma Jobanputra, Vinay Kurian, and Zachary Sharpe have created the first-ever survey of key cases under chapter 15 of the Bankruptcy Code, which is the section of the Bankruptcy Code that governs whether a U.S. bankruptcy court will extend comity and recognition to restructuring proceedings occurring outside the United States. The survey also summarizes key cross-border restructuring cases decided under Singapore's restructuring regime. The survey was developed exclusively for the ABA Business Law Section and includes introductory commentary regarding preserving and promoting the rule of law in cross-border restructuring and insolvency cases from Chief Judge Martin Glenn (S.D.N.Y. Bankr.), Chief Judge David Jones (S.D. Tex. Bankr.), Justice Anna Elizabeth de Vos (District Court of Amsterdam), Justice Kannan Ramesh (Supreme Court of Singapore), and Justice Christopher Sontichi (Singapore International Commercial Court). The survey provides a general overview of chapter 15 and thorough case summaries regarding, among other topics, requirements to achieve recognition in the United States, litigation considerations in chapter 15 (e.g., discovery, releases), and operational restructuring opportunities (e.g., asset sales).

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