In a case of first impression, Lavie v. Ran (In re Ran), 607 F.3d 1017 (5th Cir. 2010), the Fifth Circuit denied a petition for recognition of an Israeli bankruptcy proceeding under chapter 15 for an individual debtor because it did not qualify as a foreign main or foreign nonmain proceeding. The court found that neither the debtor’s “center of main interest” (“COMI”) nor his “establishment” were located in Israel at the time the petition for recognition was filed.
Chapter 15 Resource Articles
10 March 2011
In Fogerty v Petroquest Resources Inc (In re Condor Ins Ltd)(1) the Fifth Circuit Court of Appeals held that, pursuant to Section 1521 of the Bankruptcy Code, the foreign representatives of Condor Insurance Ltd (appointed by the Nevis court) could use Nevis law in a Chapter 15 case to avoid asset transfers by Condor to a US affiliate, even though the foreign representatives could not have avoided the transfers under US law.
04 February 2011
THE INTERNATIONAL SCENE: Jeffrey W. Kelley, Garrett A. Nail, Sabrina G. Fitze and Rafael X. Zahralddin-Aravena, Chapter 15 Allows Court to Recognize Solution to Tax Return Issue, XXX ABI Journal 1, 42-43, 76, February 2011 - Jeffrey W. Kelley, Garrett A. Nail, Sabrina G. Fitze and Rafael X. Zahralddin-Aravena
04 November 2010
03 September 2010
27 May 2010
On April 20, 2005, Chapter 15 of the U.S. Bankruptcy Code, governing cross-border insolvencies, came into force as part of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.
14 May 2010
BUILDING BLOCKS: Introduction to Recognition under Chapter 15 - Douglas E. Deutsch & Francisco Vazquez
14 May 2010