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    Section 1521(a)(7)’s Restrictions Found Inapplicable to State Law Fraudulent Conveyance Actions
    2017-04-06

    On March 23, 2017, the U.S. Bankruptcy Court for the Southern District of Florida (the “Court”) issued an opinion in the chapter 15 case of Banco Cruzeiro do Sul, S.A., a Brazilian bank (“BCSUL” or the “Debtor”), holding, among other things, that section 1521(a)(7) of the Bankruptcy Code does not prevent foreign representatives from commencing state law fraudulent conveyance actions. See Laspro Consultores LTDA v. Alinia Corp. (In re Massa Falida Do Banco Cruzeiro Do Sul S.A.), No. 14-22974-BKC-LMI, Adv. Pro. No. 16-01315-LMI, 2017 WL 1102814 (Bankr. S.D. Fla.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Cole Schotz PC, Bankruptcy, Debtor, Liquidation, Constructive trust, Crown Prosecution Service, US Code, Title 11 of the US Code, United States bankruptcy court
    Authors:
    Jacob S. Frumkin
    Location:
    USA
    Firm:
    Cole Schotz PC
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