Chapter 15 Bankruptcies
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It happens with increasing frequency that a bankruptcy proceeding in one country has a connection to assets or information located in another. Because of the involvement of multiple jurisdictions unique problems arise. In order to solve some of these problems, the United States enacted Section 304 of the US Bankruptcy Code in 1978. Section 304 has recently been repealed and replaced with Chapter 15, titled "Ancillary and Other Cross Border Cases". This section has increased the range of options available in the United States in support of foreign bankruptcy proceedings. |
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