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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.
That's what happened when a liquidator in a case in the Isle of Man (IOM) sought recognition. The U.S. bankruptcy court ruled that the foreign case was neither a foreign main proceeding nor a foreign nonmain proceeding. The debtor's center of main interests wasn't on the IOM, and the debtor didn't have an establishment there. In re Shimmin, No. 22-10039, 2022 LEXIS 2932 (Bankr. W.D. Okla. Oct. 14, 2022).
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