International Corporate Rescue
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Vol 18 (2021) - Issue 5
Article preview
Any Port in a Storm? The Applicability of Section 546(e)’s Safe Harbor in Chapter 15 Cases
Maja Zerjal Fink, Partner, and Lucas Barrett, Associate, Arnold & Porter Kaye Scholer LLP, New York, USASynopsis
While the Bankruptcy Code’s avoidance powers are expressly excluded from chapter 15, foreign representatives have been allowed to bring avoidance actions based on foreign law and state law. The treatment of avoidance actions in chapter 15 cases, however, has varied from court to court. This trend has continued with an intra-court split in the Southern District of New York on the applicability of the intentional fraud exception to Bankruptcy Code section 546(e)’s safe harbor to such actions, resulting from a 2020 Fairfield Sentry decision by Judge Bernstein and the latest decision in Norske Skogindustrier by Judge Glenn.
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