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Chapter 15 incorporates the Model Law on Cross Border Insolvency drafted by the United Nations Commission on International Trade Law.The law provides solutions to problems which arise in connection with cross-border bankruptcy, allowing US courts to issue subpoenas, orders to turn over assets, stays on pending actions, and orders of other types as circumstances dictate.
Originally, bankruptcy in the United States, as nearly all matters directly concerning individual citizens, was a subject of state law. However, there were several short-lived federal bankruptcy laws before the Act of 1898: the Bankruptcy Act of 1800, [3] which was repealed in 1803; the Act of 1841, [4] which was repealed in 1843; and the Act of 1867, [5] which was amended in 1874 [6] and ...
On September 17, 2023, BioSteel Sports filed for Chapter 15 bankruptcy in Texas. [8] 2023, Cannabis Holdings sold to DC Holdings Ltd., which does business as Coachwood Group of Companies, BioSteel's operational part of the business, including intellectual property of the Biosteel brand name in the U.S., Canada, and worldwide.
The company sought protection under Chapter 15 of the U.S. bankruptcy code, which shields non-U.S. companies that are undergoing restructurings from creditors that hope to sue them or tie up ...
FTX Trading will be at a hearing on Nov. 22 in a bankruptcy court in Delaware, as the troubled exchange seeks to transfer a related case from New York to the Delaware court, according to a court ...
The troubled Chinese real estate developer filed for Chapter 15 protection as it tries to restructure $32 billion of foreign debt. Evergrande, the world’s most indebted developer, has finally ...
On 26 June 2020 Grupo Famsa reported in a statement to the Mexican Stock Exchange that it filed a voluntary application under Chapter 11 of the Bankruptcy Code of the United States [11] In an August 6, 2020 a shareholder meeting authorized a request to file for Chapter 15 Bankruptcy in the United States and bankruptcy in Mexico. [12]
Chapter 7: Liquidation; Chapter 9: Adjustment of Debts of a Municipality; Chapter 11: Reorganization; Chapter 12: Adjustment of Debts of a Family Farmer or Fisherman with Regular Annual Income; Chapter 13: Adjustment of Debts of an Individual with Regular Income; Chapter 15: Ancillary and Other Cross-Border Cases
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