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Although Chapter 11 under the Bankruptcy Code represents a powerful corporate restructuring tool, many complain about the cost of Chapter 11. Other countries have restructuring and liquidation regimes that may represent more efficient tools to restructure or liquidate non-U.S.-based companies with U.S. subsidiaries and operations. Joint non-U.S. and U.S. proceedings may be the only realistic solution for mega cases like Nortel (Canada, United States and United Kingdom), Lehman Brothers (United States and United Kingdom) and Enron (United States and Canada).
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By Michael L. Cook
By enforcing deadlines strictly, refusing to hear appeals from interlocutory orders, and rarely bypassing the district court for direct appeals, appellate courts have generally avoided what they view as unnecessary work and delay. But a few courts have made important exceptions in the past year.
By Mark E. Felger and Simon E. Fraser
An opinion from the U.S. Bankruptcy Court for the District of Delaware provides a reminder of the potentially severe punishment that a party can suffer as a result of its violation of the automatic stay of Section 362 of the Bankruptcy Code, even if the debtor does not suffer any actual damages as a result of the violation.
By Amanda Bronstad
Mass tort bankruptcies took some big hits in 2023, with two of them dismissed outright, and two more potentially hanging in the balance.
By Jimmy Hoover
The U.S. Supreme Court on January 9 debated the proper remedy for its 2022 ruling that Congress violated the Constitution when it imposed steep bankruptcy fee hikes on large debtors in some districts but not others.