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11 U.S.C. § 1521Relief that may be granted upon recognition

submitted 21 years ago by Pub. L. 109-8 to r/title-11-BANKRUPTCY · 438 words · no verdicts yet

in plain englishAI-generated · not legal advice

After recognizing a foreign proceeding, a court may grant relief requested by the foreign representative when needed to carry out the chapter and protect the debtor’s assets or creditors. The relief may stay actions, protect or administer assets, obtain information, and distribute United States assets, subject to stated limits.

(a) After recognizing a foreign main or nonmain proceeding, when needed to carry out this chapter and protect the debtor’s assets or creditors, the court may, at the foreign representative’s request, grant appropriate relief, including: (1) staying a new or continuing individual action about the debtor’s assets, rights, obligations, or liabilities, to the extent § 1520(a) has not already stayed it; (2) staying execution against the debtor’s assets to that extent; (3) suspending the right to transfer, encumber, or otherwise dispose of the debtor’s assets to that extent; (4) allowing witnesses to be examined, evidence taken, or information about the debtor’s assets, affairs, rights, obligations, or liabilities delivered; (5) giving the foreign representative or another court-authorized person, including an examiner, administration or realization of all or part of the debtor’s assets in the United States; (6) extending relief under § 1519(a); and (7) granting other relief available to a trustee, except relief under §§ 522, 544, 545, 547, 548, 550, and 724(a). (b) Upon recognizing a foreign proceeding, whether main or nonmain, the court may, at the foreign representative’s request, entrust distribution of all or part of the debtor’s assets located in the United States to the foreign representative or another court-authorized person, including an examiner, if the court is satisfied that creditors in the United States are sufficiently protected. (c) For a nonmain proceeding, relief must concern assets that United States law says should be administered in that proceeding or information required there. (d) The court may not enjoin a governmental police or regulatory act, including a criminal action or proceeding. (e) The standards, procedures, and limits for an injunction apply to relief under (a)(1), (2), (3), and (6). (f) An order under this chapter may not stay exercise of rights that are not subject to § 362(a)’s stay because of § 362(b)(6), (7), (17), or (27), or § 362(o).
the actual law source: uscode.house.gov ↗public domain
(a)

Upon recognition of a foreign proceeding, whether main or nonmain, where necessary to effectuate the purpose of this chapter and to protect the assets of the debtor or the interests of the creditors, the court may, at the request of the foreign representative, grant any appropriate relief, including—

(1)

staying the commencement or continuation of an individual action or proceeding concerning the debtor’s assets, rights, obligations or liabilities to the extent they have not been stayed under section 1520(a);

(2)

staying execution against the debtor’s assets to the extent it has not been stayed under section 1520(a);

(3)

suspending the right to transfer, encumber or otherwise dispose of any assets of the debtor to the extent this right has not been suspended under section 1520(a);

(4)

providing for the examination of witnesses, the taking of evidence or the delivery of information concerning the debtor’s assets, affairs, rights, obligations or liabilities;

(5)

entrusting the administration or realization of all or part of the debtor’s assets within the territorial jurisdiction of the United States to the foreign representative or another person, including an examiner, authorized by the court;

(6)

extending relief granted under section 1519(a); and

(7)

granting any additional relief that may be available to a trustee, except for relief available under sections 522, 544, 545, 547, 548, 550, and 724(a).

(b)

Upon recognition of a foreign proceeding, whether main or nonmain, the court may, at the request of the foreign representative, entrust the distribution of all or part of the debtor’s assets located in the United States to the foreign representative or another person, including an examiner, authorized by the court, provided that the court is satisfied that the interests of creditors in the United States are sufficiently protected.

(c)

In granting relief under this section to a representative of a foreign nonmain proceeding, the court must be satisfied that the relief relates to assets that, under the law of the United States, should be administered in the foreign nonmain proceeding or concerns information required in that proceeding.

(d)

The court may not enjoin a police or regulatory act of a governmental unit, including a criminal action or proceeding, under this section.

(e)

The standards, procedures, and limitations applicable to an injunction shall apply to relief under paragraphs (1), (2), (3), and (6) of subsection (a).

(f)

The exercise of rights not subject to the stay arising under section 362(a) pursuant to paragraph (6), (7), (17), or (27) of section 362(b) or pursuant to section 362(o) shall not be stayed by any order of a court or administrative agency in any proceeding under this chapter.

Source credit: (Added Pub. L. 109–8, title VIII, § 801(a), Apr. 20, 2005, 119 Stat. 141; amended Pub. L. 111–327, § 2(a)(47), Dec. 22, 2010, 124 Stat. 3562.)

history & why it existsrecord from the source credit
  • 2005Enacted · Pub. L. 109-8 · 119 Stat. 141
  • 2010Amended · Pub. L. 111-327 · 124 Stat. 3562

A history note hasn’t been published yet. The record shows enactment by Pub. L. 109-8 on 2005-04-20.

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