Recently the European Communication and Cooperation Guidelines For Cross-border Insolvency have been published (in our jargon called CoCo Guidelines).
Prior to its repeal with the enactment of the Bankruptcy Abuse Prevention and Consumer Protection Act, §304 provided authority for adjudicating international insolvency issues before the U.S. Bankruptcy courts where a proceeding had already been filed or would be more appropriately filed in a foreign jurisdiction.
Case Filed Under § 304 – discussing Chapter 15
In re Atrimm, S.r.L., 335 B.R. 149 (Bankr. C.D. Cal. 2005)
There have been several articles recently published discussing and critiquing the early chapter 15 case law.  However, two articles in particular are worth noting. The first is entitled "A Tale of Two Proceedings: ‘Turnabout Is Fair Play’ in the Yukos U.S.
The reform of Canada’s insolvency laws continues to move forward slowly. In an article published in a previous edition of this newsletter, I outlined the proposed amendments to Canada’s two major insolvency statutes, the Bankruptcy and Insolvency Act (BIA) and the Companies’ Creditors Arrangement Act (CCAA) under Bill C-55.
By all accounts the Chinese Bankruptcy Law needed reform, and on June 1, 2007 the new bankruptcy law will take effect. Although the old law will still apply to state-owned enterprises (SOEs) until 2008,1 some experts believe the SOE exception for SOEs will be extended beyond 2008.
The ever-growing proliferation of international trade and the rise of increasingly large transnational corporations means that whenever the next big downturn overtakes us, there will be an unprecedented level of transnational insolvency proceedings.
China’s market-oriented reform has generally been successful since it started in the late 1970s. However, the transition of its corporate and financial sectors has suffered greatly from the absence of a functioning insolvency regime.
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