Chapter 15

Debate 1: RESOLVED, that it is permissible, and may be appropriate, for a judge, with the express consent of the parties, to serve as a mediator in a case that is pending before that judge.Debate 2: RESOLVED, that in a chapter 15 case, a bankruptcy court should recognize and enforce a foreign restructuring that includes a third-party release even if the debtor is headquartered in the U.S. but filed abroad for the purpose of circumventing the rule of Purdue Pharma.Learning ObjectivesAttendees will evaluate the ethical and practical considerations surrounding judicial participation as a mediator in a case pending before that judge.Attendees will analyze the legal and policy arguments for and against recognizing foreign restructurings containing third-party releases under chapter 15.Attendees will assess the implications of Purdue Pharma on forum selection strategies and cross-border restructuring practice.

Chapter 15 bankruptcy cases are designed to deal with cases of cross-border insolvency offering recognition of a foreign proceeding and other relief to a foreign representative. The Bankruptcy Court’s recognition of a foreign proceeding provides powerful tools making Chapter 15 an important cross-border insolvency strategy. There are certain pre-filing considerations, however, that must be taken into account in order to obtain Chapter 15 recognition. This panel will discuss the requirements for the petitioning debtor to obtain Chapter 15 recognition, including an in-depth look at the pre-filing issues related to the debtor’s “center of main interests” (COMI) for foreign main proceedings and foreign nonmain proceedings including recent case law developments.

In this panel you will explore how companies can leverage cross-border insolvency frameworks and Chapter 15 recognition to preserve equity value and achieve successful restructurings.Learning ObjectivesIdentify the key non-U.S. insolvency and restructuring regimes commonly used alongside Chapter 15, and analyze how they can be structured to preserve equity value for stakeholders.Analyze the requirements and strategic considerations for recognition of foreign proceedings under Chapter 15, including how cross-border coordination affects the treatment of equity and control.Evaluate practical approaches to structuring cross-border restructurings that maximize the likelihood of preserving equity, while managing the risks and limitations inherent in ancillary Chapter 15 proceedings.

As cross-border restructurings continue to grow in complexity, courts are increasingly confronted with questions surrounding a debtor’s center of main interests (COMI) and the appropriate jurisdiction for insolvency proceedings. This panel explores recent chapter 15 decisions and trends affecting COMI determinations, the limits of international forum-shopping, and the practical implications for debtors, creditors and other stakeholders. The panelists also discuss emerging issues and developing case law shaping the future of cross-border insolvency practice.Learning Objectives:Attendees will identify recent Chapter 15 decisions and trends affecting the determination of a debtor's center of main interests (COMI).Attendees will analyze the limits of international forum shopping and their practical implications for debtors, creditors, and other stakeholders in cross-border insolvency proceedings.Attendees will recognize emerging issues and developing case law shaping the future of cross-border insolvency practice.

In 2024 alone, more than 517,000 bankruptcy cases were filed in the U.S., and bankruptcy judges issued an estimated 521 reported decisions, plus another 1,241 unreported decisions. How many of those cases and issues are you familiar with? You might know what the Supreme Court did in Purdue Pharma, what the Third Circuit did in Boy Scouts, what the Fourth Circuit did in Bestwall, and what bankruptcy courts are doing in cases like Red River Talc, Celsius and FTX, but do you know the latest trends in equitable tolling, chapter 5 avoidance claims and conversion rights? Bill Rochelle and this panel of esteemed bankruptcy judges will be holding a lively discussion of a few critical-but-under-the-radar decisions that you should be reading about but likely are not. You won’t want to miss this educational and eye-opening conversation!

This panel will provide a comprehensive overview of recent developments affecting cross-border insolvency practice. The panelists will include updates on third-party releases and the Credito Real appeal by the U.S. Trustee, recent trends in asset-tracing across offshore jurisdictions, and emerging issues in the Caribbean and Canada, including evolving director duties and disqualification regimes.