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International Corporate Rescue

Journal Issues

  • Vol 1 (2004)
  • Vol 2 (2005)
  • Vol 3 (2006)
  • Vol 4 (2007)
  • Vol 5 (2008)
  • Vol 6 (2009)
  • Vol 7 (2010)
  • Vol 8 (2011)
  • Vol 9 (2012)
  • Vol 10 (2013)
  • Vol 11 (2014)
  • Vol 12 (2015)
  • Vol 13 (2016)
  • Vol 14 (2017)
  • Vol 15 (2018)
  •         Issue 1
  •         Issue 2
  •         Issue 3
  •         Issue 4
  •         Issue 5
  •         Issue 6
  • Vol 16 (2019)
  • Vol 17 (2020)
  • Vol 18 (2021)
  • Vol 19 (2022)
  • Vol 20 (2023)

Vol 15 (2018) - Issue 3

Article preview

In re Fairfield Sentry II: Testing the Brakes on Comity

Paul V. Possinger, Partner, Proskauer Rose LLP, Chicago, USA, and Elliot R. Stevens, Law Clerk, Proskauer Rose LLP, New York, USA

On September 26, 2014, in the case of In re Fairfield Sentry Ltd., the United States Court of Appeals for the Second Circuit (the 'Second Circuit') made an important holding regarding chapter 15 of the United States ('U.S.') Bankruptcy Code. Reversing the decisions of the courts below, the Second Circuit held that bankruptcy courts were required to engage in a full review of sales of property located within the U.S. under section 363 of the Bankruptcy Code, even when the property was the subject of a foreign main proceeding under chapter 15 of the Bankruptcy Code and even when the sale had been approved by the overseas court. As the lower courts had not done such a review, the case was remanded to the Bankruptcy Court for the Southern District of New York ('Bankruptcy Court') so they could conduct one.

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International Corporate Rescue

"International Corporate Rescue is the ultimate legal and commercial guide through the maze of complex cross border insolvency and restructuring issues."

William Q Derrough, Managing Director and Co-head of Recapitalization & Restructuring Group, Moelis & Company, New York

 

 

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