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Obtaining foreign main proceeding status under chapter 15 becomes increasingly difficult

  • Cadwalader Wickersham & Taft LLP
  • -
  • USA
  • -
  • April 25 2008

As recently reported in our Fall 2007 issue, Judge Lifland’s decision in In re Bear Stearns High-Grade Structured Credit Strategies Master Fund, Ltd., limited the ability of offshore funds in financial distress to utilize chapter 15 of the Bankruptcy Code

Court restricts ability of offshore funds to access chapter 15 of the Bankruptcy Code

  • Cadwalader Wickersham & Taft LLP
  • -
  • Cayman Islands, USA
  • -
  • October 25 2007

In Bear Stearns High-Grade Structured Credit Strategies Master Fund, Ltd., the United States Bankruptcy Court for the Southern District of New York refused to allow the foreign representatives of two Bear Stearns funds to institute ancillary proceedings under new chapter 15 of the United States Bankruptcy Code