Rehearing Petition Dramatizes Second Circuit’s Comity Rejection
Recognition of a foreign main proceeding under Chapter 15 of the Bankruptcy Code has “effects” under Section 1520 that are automatic and powerful, including application of the automatic stay of Section 362 and the complementary adequate protection requirements of Section 361. In addition, Section 363 – use, sale and lease of property – applies “to a transfer of an interest of the debtor in property that is within the territorial jurisdiction of the United States to the same extent that the [section] would apply to property of an estate... Read More»