Berau Capital Resources Pte Ltd (“Berau”), a special purpose vehicle incorporated to raise funds on behalf of an Indonesian mining and coal company, initiated proceedings in the High Court of the Republic of Singapore pursuant to section 210(10) of the Companies Act on July 4, 2015. On July 10, 2015, Berau filed a petition for recognition of the Singapore proceeding in the Bankruptcy Court for the Southern District of New York (the “New York Bankruptcy Court”) under Chapter 15 of the Bankruptcy Code.
The United States Court of Appeals for the Second Circuit has held that in order to be eligible to file for Chapter 15 of the Bankruptcy Code, a foreign debtor must satisfy Bankruptcy Code section 109(a), which requires that a debtor must reside, have a domicile or place of business, or property in the United States. Read more.
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