Enforcement of Third-Party Releases Ordered by Foreign Courts (Volume 55, Number 7—April 13, 2022)
Author: David A. Herman.; Allyesha Hall.
Source: Volume 55, Number 07, April 1 2022 , pp.71-77(7)
Abstract:
The UNCITRAL Model Law on Cross Border Insolvency, incorporated into the U.S. Bankruptcy Code as chapter 15, provides frameworks for businesses to obtain recognition of a foreign insolvency proceeding and enforcement of a foreign plan of reorganization. In this article, the authors discuss how courts have addressed requests for recognition and enforcement. In particular, the authors discuss how U.S. courts have addressed the limits of those frameworks in the context of foreign restructurings that provide for third-party releases in circumstances where such releases may not be available under domestic U.S. law.Keywords: Bankruptcy Code Chapter 15; Obtaining Recognition of a Foreign Proceeding; Enforcing a Foreign Plan; In re Metcalfe & Mansfield Alternative Investments; PT Bakrie Telecom (“BTEL”)
Affiliations:
1: Dechert LLP; 2: Dechert LLP.