Fifth Circuit Crafts New Test for Foreign Debtor Relief

In his Bankruptcy Practice column, John J. Rapisardi, a partner at Cadwalader, Wickersham & Taft, discusses a groundbreaking decision in which the Fifth Circuit developed an impressive new analytical framework for interpreting and reconciling the various provisions of Chapter 15 and provided a valuable benchmark for determining the kinds of foreign plan provisions that may or may not be held enforceable in the United States.

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