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11 U.S.C. § 1529Coordination of a case under this title and a foreign proceeding

submitted 21 years ago by Pub. L. 109-8 to r/title-11-BANKRUPTCY · 275 words · no verdicts yet

in plain englishAI-generated · not legal advice

When a U.S. case and foreign proceeding involving the same debtor run at the same time, the court must coordinate them and must apply rules about relief, stays, nonmain proceedings, and section 305 relief.

If a foreign proceeding and a case under another chapter of this title are pending at the same time for the same debtor, the court must seek cooperation and coordination under sections 1525–1527. (1) If the U.S. case was pending when the recognition petition was filed, relief under section 1519 or 1521 must be consistent with the U.S. case, and section 1520 does not apply even if the foreign proceeding is recognized as main. (2) If the U.S. case begins after recognition or after the recognition petition was filed, the court must review relief under sections 1519 or 1521 and modify or end it if inconsistent with the U.S. case; if the foreign proceeding is main, the section 1520(a) stay and suspension must also be modified or ended if inconsistent with U.S. relief. (3) Before granting, extending, or changing relief to a nonmain foreign representative, the court must be satisfied that it concerns assets that U.S. law says should be administered in that proceeding or information required there. (4) To coordinate under sections 1528 and 1529, the court may grant any relief section 305 authorizes.
the actual law source: uscode.house.gov ↗public domain

If a foreign proceeding and a case under another chapter of this title are pending concurrently regarding the same debtor, the court shall seek cooperation and coordination under sections 1525, 1526, and 1527, and the following shall apply:

(1)

If the case in the United States is pending at the time the petition for recognition of such foreign proceeding is filed—

(A)

any relief granted under section 1519 or 1521 must be consistent with the relief granted in the case in the United States; and

(B)

section 1520 does not apply even if such foreign proceeding is recognized as a foreign main proceeding.

(2)

If a case in the United States under this title commences after recognition, or after the date of the filing of the petition for recognition, of such foreign proceeding—

(A)

any relief in effect under section 1519 or 1521 shall be reviewed by the court and shall be modified or terminated if inconsistent with the case in the United States; and

(B)

if such foreign proceeding is a foreign main proceeding, the stay and suspension referred to in section 1520(a) shall be modified or terminated if inconsistent with the relief granted in the case in the United States.

(3)

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

(4)

In achieving cooperation and coordination under sections 1528 and 1529, the court may grant any of the relief authorized under section 305.

Source credit: (Added Pub. L. 109–8, title VIII, § 801(a), Apr. 20, 2005, 119 Stat. 144; amended Pub. L. 111–327, § 2(a)(48), Dec. 22, 2010, 124 Stat. 3562.)

history & why it existsrecord from the source credit
  • 2005Enacted · Pub. L. 109-8 · 119 Stat. 144
  • 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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