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Tradex: Requirements and Limitations of Chapter 15's Nonmain Recognition

By Michael J. Sage and Joshua Weisser

Entities that commence foreign insolvency proceedings often seek recognition of those proceedings in United States bankruptcy courts under Chapter 15 in order to administer assets located in the United States and stay United States creditors. The Chapter's objectives include cooperation, greater legal certainty, fair and efficient administration of cross-border insolvencies, the protection and maximization of the debtor's asset value, and facilitation of troubled entities' reorganization. 11 U.S.C. ” 1501(a)(1)-(5).

A series of high-profile decisions issued within the past year addressed Chapter 15's strict recognition procedures and denied recognition to proceedings involving hedge funds registered in the Cayman Islands. Their collective takeaway is clear. An entity registered in a foreign tax haven that maintains little contact with that foreign jurisdiction will not receive Chapter 15 recognition of any foreign insolvency proceeding commenced there.

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