Conflicting Decisions Create Uncertainty on Key Chapter 15 Issue
In their Bankruptcy Practice column, John J. Rapisardi and Joseph Zujkowski of O'Melveny & Myers, analyze two opinions, entered within a week of each other in mid-December, in which the Second Circuit and the U.S. Bankruptcy Court for the District of Delaware reached opposite conclusions on the question of whether a foreign debtor must have assets located in the United States in order for a U.S. bankruptcy court to "recognize" its foreign insolvency proceeding under chapter 15.
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