Arguably, one of the most complex issues under bankruptcy law is jurisdiction, particularly when it arises in an international cross-border case. Although a significant number of cross-border insolvencies have been administered under the 2005 provisions of Chapter 15 of the Bankruptcy Code, case law interpreting it remains relatively sparse.
Consequently, practitioners may also look to decisions under the former Section 304 of the Bankruptcy Code, which Chapter 15 replaced, to ascertain how Chapter 15 is likely to be applied. A Jan. 18 opinion from the 2nd U.S. Circuit Court of Appeals in Parmalat Capital Fin. Ltd. v. Bank of America Corp. helps illuminate the scope of federal jurisdiction over cross-border insolvency proceedings where there is also a pending action in state court involving the debtor.
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