Second Circuit Limits Availability of Chapter 15

January 2014
The American Bar Association International Law Section’s Secured Transactions & Insolvency Committee Newsletter
In a recent opinion on an issue of first impression, the United States Court of Appeals for the Second Circuit held that foreign entities seeking recognition under Chapter 15 of the Bankruptcy Code must, in addition to satisfying the requirements for recognition set forth in that chapter, have a residence, domicile, place of business or assets in the United States.