Recognition of Offshore Insolvency Proceedings: 'Fairfield Sentry'

, New York Law Journal

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Harold S. Novikoff and Emil A. Kleinhaus, partners at Wachtell, Lipton, Rosen & Katz, write that Chapter 15 of the Bankruptcy Code, enacted in 2005, permits a representative designated in a foreign insolvency proceeding to avail itself of the U.S. bankruptcy courts if the foreign proceeding is 'recognized' as a 'foreign main' or 'foreign nonmain' proceeding.

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