In re Millennium Global Emerging Credit Master Fund Ltd., 2011 WL 3805787 (Bankr. S.D.N.Y. Aug. 26, 2011)
Date:
Fri, 08/26/2011 (All day)
Foreign proceeding:
Bermuda liquidation proceeding
Summary:
Bankruptcy Court entered an order recognizing the Bermuda liquidation proceeding of two offshore investment funds as foreign main proceedings, or alternatively, as foreign nonmain proceedings. The Bankruptcy Court held that the date of the commencement of the foreign proceeding, not the date on which the chapter 15 petition was filed in the US, was the relevant date for purposes of determining the existence of the foreign debtors’ “center of main interests” or “establishment.” The Bankruptcy Court also adopted the reasoning of In re Fairfield Sentry, 452 B.R. 52 (Bankr. S.D.N.Y. 2011), holding that the two-year tolling period of section 108 of the Bankruptcy Code applies in Chapter 15 cases.
Key Issues:
- 11 U.S.C. § 108 – tolling of actions
- 11 U.S.C. §§ 1515, 1517(a) – recognition requirements
- 11 U.S.C. §§ 1502, 1517(b) – what constitutes a foreign main or nonmain proceeding
- COMI – "center of main interests"
- 11 U.S.C. § 1516(c) – rebuttable presumption
Circuit:
2