CBInsolvency LLC

Thought Leadership

National Bankruptcy Conference Proposes Chapter 15 revisions  

CBI Principals Leif Clark and Dan Glosband are Conferees of the National Bankruptcy Conference (“NBC”), a voluntary, nonpartisan, not-for-profit organization composed of about 60 of the nation’s leading bankruptcy judges, professors and practitioners.  NBC has provided advice to Congress on bankruptcy legislation for nearly 80 years. Dan is the current Chair of the NBC’s International Aspects Committee.

In November of 2017, Leif and Dan met with Senior Counsel to the Judiciary Committee of the U.S. House of Representatives to advance consideration of revisions to Chapter 15 that the NBC previously submitted to Congress.  After involving Counsel to the Senate Judiciary Committee, the NBC prepared an updated letter to Congress identifying and explaining numerous amendments to chapter 15 dealing with procedural and substantive matters, including matters pertaining to eligibility, recognition of foreign proceedings, abstention, COMI, avoidable transfers and recovery of assets.

The submission has also been circulated to various U.S. and international organizations that are interested in insolvency law, seeking further comment.   To that end, if any of our readers have thoughts or comments on the revisions, we will pass them along to legislative counsel and to the NBC. Please email one of us at our email address below.
We expect that the process of review and comment should conclude later this year.  NBC plans to continue to seek Congressional support for the proposed revisions and to participate in the Judiciary Committee hearings that will begin to be conducted at that point.

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In a cross-border insolvency matter, if an expert opinion is required, if skilled mediation or arbitration can help resolve disputes, or if cross-border insolvency is simply unfamiliar territory, CBI can help

We will be pleased to discuss your cross-border insolvency issues and agree on a case-specific arrangement to assist you.  Please reach out to any of us for a quick and easy assessment of how we can help you. We welcome your thoughts, comments and questions. 

By Dan Glosband