International Corporate Rescue
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Vol 15 (2018) - Issue 5
Article preview
UK Order Granting Non-Consensual Third-Party Releases Is Enforced in US Chapter 15 Case
Maja Zerjal, Associate, Proskauer Rose LLP, New York and Chicago, USASynopsis
In In re Avanti Communications Group PLC, Judge Martin Glenn of the United States Bankruptcy Court for the Southern District of New York enforced a UK court order granting non-consensual third-party releases. Despite these releases remain problematic for courts in U.S. chapter 11 cases, Judge Glenn reasoned that principles of comity and consistency with due process standards of the U.S. justified enforcement of the UK scheme of arrangement containing such releases. Albeit this may appear an opportunity to avoid the uncertainty of non-consensual third-party releases in chapter 11, Avanti’s scope is rather limited and does not open the door to approval of just any kind of nonconsensual third-party releases through chapter 15.
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