An Australian receivership proceeding must be recognized as a foreign main proceeding under Chapter 15 of the U.S. Bankruptcy Code, the U.S. Court of Appeals for the Third Circuit has ruled in a precedential decision. The appellate court rejected an unsecured creditor's argument that the United States should not recognize the liquidation proceeding because the receivership will ultimately end up with control of a $47 million verdict awarded to the creditor in an Arizona state court.
Judges Anthony J. Scirica, Kent A. Jordan and Jane Richards Roth issued the opinion Tuesday affirming a U.S. District Court for the District of Delaware decision in In re ABC Learning Centres Ltd.
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