Second Circuit holds that chapter 15 debtors must satisfy eligibility requirements of section 109(a) of the Bankruptcy Code in order to be eligible for relief

In a case of importance to foreign representatives of foreign debtors seeking the assistance of US courts pursuant to chapter 15 of the Bankruptcy Code, the US Court of Appeals for the Second Circuit has held that the debtor eligibility requirements of section 109(a) of the US Bankruptcy Code apply in cases under chapter 15 as they would in cases under other chapters of the Bankruptcy Code. The decision in Drawbridge Special Opportunities Fund LP v. Barnet (In re Barnet), Case No. 13-612 (2d Cir. Dec.

Filed under:
USA, Insolvency & Restructuring, Litigation, Mayer Brown, Debtor, Title 11 of the US Code, Second Circuit, United States bankruptcy court
Authors:
Joel Moss , Devi Shah , Ashley Katz , John M. Marsden , Thomas A. Pugh
Location:
USA
Firm:
Mayer Brown
In re Fairfield Sentry Ltd.: Second Circuit Court of Appeals provides guidance to “COMI” determinations in Chapter 15 cases

On April 16, 2013, in Morning Mist Holdings Ltd. v. Krys (In re Fairfield Sentry Ltd.),1 the US Court of Appeals for the Second Circuit issued an important decision informing fundamental concepts of cross-border insolvency law as implemented pursuant to Chapter 15 of the Bankruptcy Code.

Filed under:
USA, Insolvency & Restructuring, Litigation, Mayer Brown, Title 11 of the US Code, Second Circuit, United States bankruptcy court
Authors:
Brian Trust , Frederick D. Hyman , Joel Moss
Location:
USA
Firm:
Mayer Brown