The Chapter 15 Case of Hanjin Shipping by Ilana Volkov

Chapter 15 of the US Bankruptcy Code, which is based on UNCITRAL’s Model Law on Cross-Border Insolvency, was enacted in 2005 to provide an “effective mechanism” for dealing with cross-border insolvency cases.

Some of Chapter 15’s express objectives are “greater legal certainty for trade and investment” and the “fair and efficient administration of cross-border insolvencies that protects the interests of all creditors and other interested entities, including the debtor.