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Chapter 15 Ancillary and Other Cross-Border Cases
Have you ever been late (really, really late) to something important because you were held up by your spouse/partner who just couldn't seem to get out of the door on time? It's frustrating, isn't it — at least for those of us who give more than a passing nod to punctuality. Well, now you know how Chapter 15 feels — at least if a statutory section could have feelings. After many years of delayed efforts, the Act finally adds a new Chapter 15 to the Bankruptcy Code, which incorporates the provisions of the UNCITRAL Model Law on Cross-Border Insolvency (adopted in May, 1997). Since 1997, strong support has existed in the United States to amend the Bankruptcy Code to modify and apply the Model Law here. However, this non-controversial cross-border amendment was held up by the “all or nothing” approach taken by Congress to the bankruptcy amendments. And so, the years went by as Chapter 15 waited.
Eight years later, the United States adapts and adopts the Model Law, which has the goal of harmonizing procedural rules for recognition of foreign insolvency proceedings so that the various countries that enact the Model Law will have generally consistent approaches. (Each country, including the United States, may tailor the Model Law to its particular insolvency scheme; however, the goal requires that generally uniform procedures and defined concepts be applied).
What It Means
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