Ordinary Eligibility Requirements Inapplicable to Foreign Representative Seeking Ancillary Relief

The proliferation of global commerce means that many companies’ assets and creditors can now be found all over the globe. The unique challenges posed by such unprecedented expansion are not limited to the terms of a cross-border transaction and the relationship among the players. For example, lawmakers throughout the world have been called upon to devise a workable framework of rules to govern insolvency or bankruptcy proceedings involving companies that do business and have assets or creditors in several different countries. Competing parochial concerns of different nations make the development of such regulations extremely difficult. Still, recently enacted laws such as the European Union Regulation on Insolvency Proceedings (2002) indicate that encouraging progress is being made in this arena.