US Legal Forms
Petition for Recognition of Foreign Proceeding

Petition for Recognition of Foreign Proceeding

Name: Petition for Recognition of Foreign Proceeding
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.74 (455 reviews)

Category:

Bankruptcy - Official - National

State:

Multi-State

Control #:

US-B-401

Format:

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Description

Petition for Recognition of Foreign Proceeding A Petition for Recognition of Foreign Proceeding is a legal document that is filed with the court by a party seeking recognition of a bankruptcy or other insolvency proceeding in a foreign jurisdiction. The petition will typically contain information regarding the foreign court, the debtor, the creditors, the assets, and the nature of the proceeding. The petition seeks recognition of the foreign proceeding, allowing the foreign court’s decisions to be enforced in the jurisdiction where the petition is filed. There are two types of Petition for Recognition of Foreign Proceeding: 1. Recognition of a Foreign Main Proceeding: This petition is filed to recognize the main proceedings of an insolvency proceeding in a foreign jurisdiction. The petition must include information regarding the foreign court, the debtor, the creditors, the assets, and the nature of the proceeding. 2. Recognition of a Foreign Non-Main Proceeding: This petition is filed to recognize a non-main proceeding in a foreign jurisdiction, such as an ancillary proceeding. The petition must include information regarding the foreign court, the debtor, the creditors, the assets, and the nature of the proceeding. The petition should also include information regarding the relationship between the main and non-main proceedings.

A Petition for Recognition of Foreign Proceeding is a legal document that is filed with the court by a party seeking recognition of a bankruptcy or other insolvency proceeding in a foreign jurisdiction. The petition will typically contain information regarding the foreign court, the debtor, the creditors, the assets, and the nature of the proceeding. The petition seeks recognition of the foreign proceeding, allowing the foreign court’s decisions to be enforced in the jurisdiction where the petition is filed. There are two types of Petition for Recognition of Foreign Proceeding: 1. Recognition of a Foreign Main Proceeding: This petition is filed to recognize the main proceedings of an insolvency proceeding in a foreign jurisdiction. The petition must include information regarding the foreign court, the debtor, the creditors, the assets, and the nature of the proceeding. 2. Recognition of a Foreign Non-Main Proceeding: This petition is filed to recognize a non-main proceeding in a foreign jurisdiction, such as an ancillary proceeding. The petition must include information regarding the foreign court, the debtor, the creditors, the assets, and the nature of the proceeding. The petition should also include information regarding the relationship between the main and non-main proceedings.

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Chapter 15 also helps protect the value of the debtor's assets and attempts to assist financially troubled companies. With more streamlined laws in place for handling international bankruptcy matters, Chapter 15 can help establish a better legal foundation for international trade, investment, and business.

Automatic stay under Chapter 15 The court will typically grant provisional or interim relief to the debtor following the filing of a Chapter 15 petition and grant permanent relief once the petition is recognized. This relief will typically include an automatic stay within the territorial jurisdiction of the US.

?Foreign representative? is defined as a ?person or body, including a person or body appointed on an interim basis, authorized in a foreign proceeding to administer the reorganization or the liquidation of the debtor's assets or affairs or to act as a representative of such foreign proceeding.? See 11 U.S.C.

Chapter 15 provides that a US bankruptcy court must not take any action that would be manifestly contrary to the public policy of the US. The public policy exception is a familiar principle in US jurisprudence.

The purpose of Chapter 15, and the Model Law on which it is based, is to provide effective mechanisms for dealing with insolvency cases involving debtors, assets, claimants, and other parties of interest involving more than one country.

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This is an Official Bankruptcy Form. Chapter 15 Petition for Recognition of a Foreign Proceeding page 1.Notification to foreign creditors concerning a case under this title. I request relief in accordance with chapter 15 of title 11, United States Code. May file a petition with a court for recognition of the foreign insolvency proceedings. This practice note discusses the final recognition of a foreign proceeding under Chapter 15 of the Bankruptcy Code. Recognition is a judicial process where both the foreign divorce and the foreign divorce law need to be proven in Court. Airlines filed a petition for recognition of a foreign main proceeding under Chapter 15 of the. (1) a debtor is subject to a foreign proceeding;6. (2) a "foreign representative"7 files a Chapter 15 petition; and.

Petition for Recognition of Foreign Proceeding

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