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U.S. Bankruptcy Court Denies Chapter 15 Recognition to a Case on the Isle of Man
Cases interpreting Chapter 15 of the Bankruptcy Code after it was enacted in 2005 often addressed basic issues, such as whether a foreign debtor must have property in the U.S to file a case there. In the Second Circuit, for instance, the answer is yes. But even when there's no property in the U.S., there's an easy remedy: the foreign administrator can deposit a retainer payment with its U.S. law firm.
Both early and later cases also analyzed the evidence a foreign administrator needs to obtain recognition of a foreign case as a main or nonmain proceeding. But almost two decades after Chapter 15 was enacted, some petitions still come up short and recognition isn't granted.
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