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ABI Journal

International Insolvency

U.S. Incorporated Subsidiaries ‘Likely’ Have Chapter 15 COMI in Canada, Not the U.S.

U.S. subsidiaries of a Canadian parent were under the control of a Canadian receiver, switching COMI from the U.S. to Canada.

Opting Out Is Consent for Nondebtor Chapter 11 Releases, New York Judge Says

Another bankruptcy court in New York holds that the ability to opt out of nondebtor releases represents consent after Purdue.

After Purdue, Two Courts Still Permit Broad Nonconsensual Releases in ‘15’

Bankruptcy courts in New York and Delaware believe that Purdue did not change the law and that nondebtor releases and exculpations are still permissible in chapter 15 cases.

Bankruptcy Code