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Company-Appointed Rep May Commence Chapter 15 Case
As the seventh anniversary of the enactment of Chapter 15 of the Bankruptcy Code draws near, the volume of Chapter 15 cases commenced in U.S. bankruptcy courts on behalf of foreign debtors has increased rapidly. During that period, there has also (understandably) been a marked uptick in litigation concerning various aspects of the comparatively new legislative regime governing cross-border bankruptcy cases patterned on the Model Law on Cross-Border Insolvency. One such issue was the subject of a ruling recently handed down by a Texas district court. In In re Vitro, S.A.B. de C.V., 470 B.R. 408 (N.D. Tex. 2012), the district court affirmed a bankruptcy court's decision that an individual appointed by the foreign debtor could serve as the debtor's “foreign representative” under Chapter 15 of the Bankruptcy Code and is thus authorized to commence a Chapter 15 case on behalf of the foreign debtor.
Recognition Under Chapter 15
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