Chapter 15 of the United States Bankruptcy Code is a relatively
recent addition to the American bankruptcy statute and it
incorporates the United Nations Commission on International Trade
Law Model Law on Cross-Border Insolvency into American law. Using
Chapter 15, American courts have a set rubric and system to
determine when to "recognize" a foreign
insolvency/rehabilitation/ reorganization proceeding and to protect
or implement that proceeding here in the United States. The aim of
Chapter 15 is to create a universal and uniform approach to
according comity to foreign insolvency proceedings, which are not
violative of the essential public policy of the United States.
There is an acceleration in the number of Chapter 15 cases that
are being filed, and thus a rapid evolution in the law governing
Chapter 15. This takes place in a context where cross-border joint
reorganization efforts are becoming more and more interconnected
and complex. As of this writing, in the
