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11 U.S.C. § 1507 — Additional assistance

submitted 21 years ago by Pub. L. 109-8 to r/title-11-BANKRUPTCY · 160 words · no verdicts yet

in plain englishAI-generated · not legal advice

After recognizing a foreign representative, and subject to limits elsewhere in the chapter, a court may provide additional assistance under United States law. In deciding whether to do so, the court must consider whether the assistance would reasonably ensure fair treatment, protection against prejudice, prevention of improper transfers, substantially proper distribution, and, when appropriate, a fresh start for the individual involved.

(a) Subject to specific limits stated elsewhere in this chapter, if the court grants recognition, the court may give a foreign representative additional assistance under this title or under other United States laws. This section does not define "recognition," "foreign representative," or "comity."

(b) In deciding whether to provide additional assistance under this title or other United States laws, the court must consider whether the assistance, consistent with the principles of comity, would reasonably ensure:

(1) Fair treatment of everyone who holds a claim against, or an interest in, the debtor's property;

(2) Protection of claim holders in the United States from prejudice and inconvenience in processing their claims in the foreign proceeding;

(3) Prevention of preferential or fraudulent transfers of the debtor's property;

(4) Distribution of the debtor's property proceeds in a way that substantially follows the order required by this title; and

(5) When appropriate, an opportunity for a fresh start for the individual involved in the foreign proceeding.

the actual law source: uscode.house.gov ↗public domain
(a)

Subject to the specific limitations stated elsewhere in this chapter the court, if recognition is granted, may provide additional assistance to a foreign representative under this title or under other laws of the United States.

(b)

In determining whether to provide additional assistance under this title or under other laws of the United States, the court shall consider whether such additional assistance, consistent with the principles of comity, will reasonably assure—

(1)

just treatment of all holders of claims against or interests in the debtor’s property;

(2)

protection of claim holders in the United States against prejudice and inconvenience in the processing of claims in such foreign proceeding;

(3)

prevention of preferential or fraudulent dispositions of property of the debtor;

(4)

distribution of proceeds of the debtor’s property substantially in accordance with the order prescribed by this title; and

(5)

if appropriate, the provision of an opportunity for a fresh start for the individual that such foreign proceeding concerns.

Source credit: (Added Pub. L. 109–8, title VIII, § 801(a), Apr. 20, 2005, 119 Stat. 136.)

history & why it existsrecord from the source credit
  • 2005Enacted · Pub. L. 109-8 · 119 Stat. 136

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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