Second Circuit issues ruling regarding determination of a debtor's center of main interest under Chapter 15

On April 16, 2013, the United States Court of Appeals for the Second Circuit (the "Second Circuit") issued its decision in In re Fairfield Sentry Ltd.,1 in which the court held that (1) the relevant time for analyzing a debtor’s center of main interest ("COMI") for purposes of recognizing a foreign proceeding is at or around the time a petition for recognition is filed; (2) the determination of COMI is dependent on the facts of each case, which may include insolvency proceedings in the foreign jurisdiction; and (3) the public policy exception to relief sough

Filed under:
British Virgin Islands, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Hunton Andrews Kurth LLP, Second Circuit
Authors:
Benjamin C. Ackerly , Andrew Kamensky , Tyler P. Brown , Richard P. Norton , Jarrett L. Hale , Peter S. Partee, Sr.
Location:
British Virgin Islands
Firm:
Hunton Andrews Kurth LLP
Supreme Court holds that denial of plan confirmation is not appealable as a matter of right

On May 4, 2015, the Supreme Court of the United States issued an opinion regarding a Chapter 13 bankruptcy case from the United States Court of Appeals for the First Circuit (the “First Circuit”).1 The question on appeal was whether debtor Louis Bullard (“Bullard”) could immediately appeal the bankruptcy court’s order denying confirmation of his proposed Chapter 13 payment plan (the “Plan”).2 The Court held that denial of confirmation of a debtor’s plan is not a final, appealable order.3  

Case Background

Filed under:
USA, Insolvency & Restructuring, Litigation, Hunton Andrews Kurth LLP, Supreme Court of the United States, United States bankruptcy court, First Circuit
Authors:
Tyler P. Brown , Jarrett L. Hale , Jason W. Harbour , Gregory G. Hesse , Andrew Kamensky , Richard P. Norton
Location:
USA
Firm:
Hunton Andrews Kurth LLP