Search within this section
Select a section below and enter your search term, or to search all click Bankruptcies and liquidations
Favorited Content
1.11 Chapter 15 bankruptcy
Publication date: 31 Oct 2022
us Bankruptcy & liquidation guide
Chapter 15 bankruptcies were established under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. A Chapter 15 proceeding provides a mechanism for bankruptcies with cross-border implications. Typically, a Chapter 15 proceeding will be ancillary to a bankruptcy proceeding brought about in another country. The statute has the following objectives:
- To promote cooperation and communication between the United States courts and parties in interest with proceedings or claims against the debtor in foreign courts and other parties in interest in cross-border insolvency cases
- To establish greater legal certainty for trade and investment
- To provide for the fair and efficient administration of cross-border insolvencies that protects the interest of all creditors and other interested parties, including the debtor
- To afford protection and maximization of the value of the debtor’s assets
- To facilitate the rescue of financially troubled businesses, thereby protecting investment and preserving employment
PwC. All rights reserved. PwC refers to the US member firm or one of its subsidiaries or affiliates, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details. This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.
Link copied
