Chapter 15 of the U.S. Bankruptcy Code: Ancillary and Cross-Border Cases (CRS Report for Congress)
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| Release Date |
July 14, 2006 |
| Report Number |
RL33562 |
| Report Type |
Report |
| Authors |
Georgine Marie Kryda, American Law Division |
| Source Agency |
Congressional Research Service |
Summary:
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 added chapter 15 to the U.S. Bankruptcy Code. Chapter 15 implements the United Nations Commission on International Trade and Investment's Model Law on Cross-Border Insolvency. In so doing, chapter 15 (1) retains the Code's focus on the role of the foreign representative, initially introduced in 1978; (2) clarifies procedural cooperation between U.S. and foreign courts; and (3) promotes comity and reciprocity, wherever possible, with respect to the interpretation and application of substantive law. Chapter 15 applies to international bankruptcy cases involving individuals or businesses; however, multinational banks and corporations have had a higher profile. This report summarizes the evolution and the content of chapter 15.
This report was prepared by Georgine Kryda, Law Clerk, under the general supervision of Robin Jeweler, Legislative Attorney.
