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In In re B.C.I. Finances Pty Limited, Judge Sean Lane reiterated the low domestic presence threshold (Domesticity) that a foreign representative must meet when it is petitioning for recognition of a foreign proceeding under Chapter 15.
This past April, in In re B.C.I. Finances Pty Limited, 583 B.R. 288 (Bankr. S.D.N.Y. 2018), Judge Sean Lane reiterated the low domestic presence threshold (Domesticity) that a foreign representative must meet when it is petitioning for recognition of a foreign proceeding under Chapter 15. While Judge Lane’s decision was consistent with a developing body of case law that has generally accepted this low Domesticity threshold, it is significant because it: 1) arises out of the Second Circuit, whose precedent requires that the petition for recognition meets the requirements of both Section 1517 and Section 109(a) of the Bankruptcy Code before it may be granted; and 2) shows that even with the additional Domesticity requirement of Section 109(a), a foreign representative can successfully obtain recognition of a foreign proceeding with only a nominal domestic presence.
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Can a Debtor That Has No Ongoing Business Operations Reorganize Under Chapter 11 In Good Faith?
By Lawrence J. Kotler and Roxanne J. Indelicato
In a recent decision, the U.S. Bankruptcy Court for the Southern District of Texas (the court) addressed whether a debtor that has no independent assets or ongoing business operations can reorganize under Chapter 11 in good faith.
J&J Gets Stay In Talc Chapter 11 Dismissal
By Amanda Bronstad
Johnson & Johnson’s talc bankruptcy may be on its last legs, but it’s still standing — at least for a while. On February 13, Johnson & Johnson subsidiary LTL Management petitioned the U.S. Court of Appeals for the Third Circuit to rehear its Jan. 30 decision dismissing its Chapter 11 case
Fifth Circuit Adds Color to Abstention Issue
By Francis J. Lawall and Brenden Dahrouge
Rules Bankruptcy Court Lacked Jurisdiction to Decide State-Governed Question
Jurisdictional boundaries within the federal system as between bankruptcy and district courts as well as various federal agencies can be a maze that is at times nearly impossible to navigate. Further complicating matters are those cases involving state-regulated issues that add abstention to the mix.
Rights of Tenant to Security Deposit When Landlord Files for Bankruptcy
By Andrew C. Kassner and Joseph N. Argentina Jr.
As we debate whether there will be a “soft” or “hard” landing of the economy and the resulting effect of different landings on the volume of bankruptcy filings, it is helpful to review how a bankruptcy filing affects not only rights between a creditor and the debtor, but also the respective rights of creditors against property held by the debtor.
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