Demystifying Chapter 15 of the Bankruptcy Code.(credit column)

It has been nearly three-and-a-half years since the enactment of the cross-border provisions of Chapter 15 of the Bankruptcy Code. Since then, many Chapter 15 cases have been commenced in the United States Bankruptcy Courts. However, despite the large number of Chapter 15 filings, there remains a level of uncertainty as to what exactly Chapter 15 does and how it impacts trade creditors. This uncertainty is fed by the dearth of literature discussing the practical import and impact of Chapter 15 on trade creditors. This article attempts to demystify Chapter 15 by not only providing a general overview of its provisions, but also providing brief case studies exemplifying ...