2 New Decisions Clarify Chapter 15 Requirements

By James Bentley (May 17, 2018, 12:45 PM EDT) -- In April, two decisions from the Southern District of New York were added to the burgeoning body of case law under Chapter 15 of the Bankruptcy Code.[1] The decisions addressed (1) whether nonconsensual third-party releases granted in a foreign jurisdiction are enforceable in the U.S. under Chapter 15, (2) whether foreign breach of fiduciary duty judgment claims follow directors who move to the U.S. and, if so, are those claims "property" under the Bankruptcy Code, and (3) how much (or how little) does a debtor need to place on retainer with a U.S. law firm to have "property" in the U.S.?...

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