“Bankruptcy Code Chapter 15” refers to a section of the U.S. Bankruptcy Code that addresses cross-border insolvency cases. It is designed to help U.S. courts recognize and cooperate with insolvency proceedings taking place in other countries, and to coordinate administration of a debtor’s assets across jurisdictions.
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What “Bankruptcy Code Chapter 15” means
“Bankruptcy Code Chapter 15” refers to a section of the U.S. Bankruptcy Code that addresses cross-border insolvency cases. It is designed to help U.S. courts recognize and cooperate with insolvency proceedings taking place in other countries, and to coordinate administration of a debtor’s assets across jurisdictions.
Key purpose and how it works
Chapter 15 generally supports two main goals: (1) recognition of a “foreign proceeding” (for example, a liquidation or reorganization in another country) and (2) cooperation between U.S. courts and foreign courts or representatives. Depending on the situation, it may also provide certain protections or relief in the U.S. while the foreign case is handled.
Common terms you may see
You may encounter terms such as “foreign main proceeding” (typically the place of the debtor’s center of main interests) and “foreign representative” (the person or entity authorized in the foreign case). The process often involves filings in U.S. bankruptcy court and determinations about recognition and the scope of cooperation.
