Recent developments in US bankruptcy cases affecting foreign creditors, debtors and assets
✍ Scribed by Robert B. Chapman
- Publisher
- John Wiley and Sons
- Year
- 1999
- Tongue
- English
- Weight
- 173 KB
- Volume
- 8
- Category
- Article
- ISSN
- 1180-0518
No coin nor oath required. For personal study only.
✦ Synopsis
In 1998, US courts generally continued to interpret US jurisdiction ever more broadly in plenary and ancillary cases; one court, however, limited debtors' ability to ®le bankruptcy in the United States by claiming the presence of property there, and thus kept litigation over the Lloyd's crisis out of the US bankruptcy courts. Uncertainty over the recognition of US judgments abroad also created uncertainty over the proper extent of US jurisdiction in involuntary cases. Several courts con®rmed the power of US courts to issue injunctions to control assets located outside the United States. Issues presented but not decided included the eect of chapter 11 plan con®rmation on a foreign sovereign 1 and the power of US courts to enjoin or penalise alleged violations of the automatic stay committed by state space agencies against commercial satellites in orbit. 2 The United States also attempted to enact a version of the UNCITRAL Model Law, and would thereby have become the ®rst country to adopt it; however, as part of a radical package intended to make US bankruptcy law less susceptible to perceived abuses by debtors, the legislation died when the Senate adjourned in October 1998.
I. Hong Kong and Shanghai Banking Corp v Simon (In re Simon),
153 F 3d 991 (9th Cir 1998)
The appellant, Hong Kong and Shanghai Banking Corp (HKS), unsuccessfully sought (1) a declaration that the debtor's discharge did not apply to 1. In re 401 East 89th Street Owners Inc, 1998 Bankr Lexis 896 (Bankr SDNY 1998) (holding that the Permanent Mission of Nigeria to the United Nations did not receive adequate notice of bankruptcy proceedings which eected a forfeiture of the residences of its attache s and not reaching the issue of the con®rmed plan's binding eect).