A federal law designed to give foreign corporations going through bankruptcy proceedings abroad easier access to U.S. courts and judicial protection has produced its first Florida case.
Barbados-based Bancafe International Bank is the first company to file for newly established Chapter 15 bankruptcy protection in a federal bankruptcy court in Florida. The bank’s custodian filed the petition Dec. 19 in Miami. Bankruptcy Judge Robert Mark granted recognition of the foreign proceeding Jan. 12. It’s the only Chapter 15 case filed so far in the state.
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