Foreign reorganizations with nondebtor releases are not ‘manifestly contrary’ to public policy after Purdue, according to Delaware’s Bankruptcy Judge Thomas Horan.
Because all affected creditors were unanimous in support, Judge Michael Wiles didn’t agonize over whether the debtor actually had its center of main interests in the U.K.
On July 1, 2022, Italy implemented a new legal mechanism aimed at preventing financial distress and corporate insolvency. This development represents a significant milestone in the broader reform of Italian insolvency law.
The International Committee community continues to grow! We’re excited to welcome our newest member to the committee:
McDermott International
The ABI International Latin America Insolvency Symposium took place in Mexico City, September 8-10, 2024, bringing together prominent bankruptcy judges and experienced practitioners. The event provided a comprehensive exploration of Latin America’s evolving insolvency and economic landscape, offering attendees practical insights and opportunities to deepen their professional connections.
Author’s Note: This is an edited excerpt from the author’s forthcoming master’s thesis, a larger-scope comparative study on “wrongful trading” in England under Insolvency Act 1986, s 214 and the tort of “deepening insolvency” in some U.S. states.
Co-Chairs’ Corner
As your co-chairs, we are very excited to welcome new members to the committee, and we also look forward to connecting with longtime committee members. We thank those who have contributed articles to this newsletter (and to Simon Eickmann and Olya Antle for acting as editors).
Perhaps against expectations, 2024 included considerable bankruptcy activity in the U.S. However, the number of filings under chapter 15 of the Bankruptcy Code, which implements the UN Model Law on Cross-Border Insolvency and provides bankruptcy courts authority to recognize foreign insolvency proceedings, enforce orders of the foreign court, and grant related relief and assistance, remained close to preceding years.
