In recent years, there has been a number of noteworthy decisions in the United States and abroad that have illustrated the tension faced by courts in their efforts to give effect to foreign judgments or apply foreign laws while effecting jurisdictional and other limitations that exist in the local jurisdiction.
The Model Law on Cross-Border Insolvency (the model law), prepared by the U.N. Commission on International Trade Law in 1997, was a major step towards orderly cross-border insolvency proceedings, but did not entirely close the gap and resolve all open issues faced by litigants and judges. While the powers afforded to the U.S. bankruptcy courts are wide ranging under Chapter 15,1 it is noteworthy that some courts, and in particular U.S. courts, have recently ruled in a manner that highlights limitations on courts’ ability to apply their rulings to parties or assets beyond their jurisdiction.
Fairfield Sentry Litigation
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