Chapter 15 Overview: US Bankruptcy Cases Ancillary to Foreign Proceedings | Practical Law
Chapter 15 of the Bankruptcy Code is designed to help the US recognize foreign insolvency proceedings and increase international cooperation among courts in multinational insolvency cases to more effectively address cross-border insolvency issues. This Practice Note discusses the creation of Chapter 15 as a replacement for former section 304 of the Bankruptcy Code, as well as types of relief available and procedures for obtaining relief under Chapter 15. This Note also provides links to summaries of the local rules for Chapter 15 in certain jurisdictions, allowing attorneys to compare rules across different bankruptcy courts.