Bear Stearns: Recognition of Foreign Insolvency Proceedings in the US

Gabriel Moss QC, Ron Dekoven, Prof Bob Wessels and Stephen Gale will discuss the latest decisions of the US Bankruptcy Court concerning the interpretation of Chapter 15 of the US Bankruptcy Code

The seminar will feature a discussion of recent cases, including in re Bear Sterns, a decision that diverges from the ruling of Judge Drain in SPhinX, Judge Lifland of the US Bankruptcy Court declined to recognise the Cayman Islands proceedings of two Bear Stearns' Hedge Funds under Chapter 15 of the US Bankruptcy Code. Judge Lifland ruled that, although the Hedge Funds were formally registered in the Cayman Islands, there was neither a "centre of main interest" (COMI) nor an "establishment" in Cayman and therefore recognition under Chapter 15 was not possible. In reaching his decision, Judge Lifland looked at the UNCITRAL Model Law, its Guide to Enactment, the European Insolvency Regulation and the European Court of Justice's Eurofood decision of 2 May 2006. More information on: www.biicl.org/events.

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