Chapter 15: Ancillary and Other Cross-border Cases
Title VIII of S. 256 adds chapter 15 to the Bankruptcy Code as an entire new chapter that incorporates the Model Law on Cross-border Insolvency completed by the United Nations Commission on International Trade Law (“UNCITRAL”) in 1997. By replacing former §304 of the Code, Cases ancillary to foreign proceedings, with chapter 15 the legislation encourages cooperation between the United States and foreign countries with respect to transnational insolvency cases. Insofar as possible, chapter 15 follows the language, section numbering and general structure of the Model Law to promote uniformity in its adoption and application.
Agenda for the 2005 Annual Spring Meeting
The committee will present a panel—“Selling Foreign Assets Free and Clear under Section 363”—at the 2005 Annual Spring Meeting on Saturday, April 30, 2005, at 8:00 a.m.