Creative Finance: U.S. Bankruptcy Courts Will Not Tolerate Manipulation of COMI and Bad Faith Uses of Chapter 15
This article discusses Chapter 15 bankruptcy practice and a foreign debtor's center of main interests, focusing on an important Southern District of New York Bankruptcy Court decision in which the judge stated: "This Chapter 15 case was brought as . . . the most blatant effort to hinder, delay and defraud a creditor" that he and the court had ever seen.
Michael B. Schaedle is a partner at Blank Rome LLP in the firm’s Philadelphia office, concentrating his practice on bankruptcy, reorganizations and workouts, debt and equity restructuring, and commercial and public debt transactions, including secured creditors, creditors’ committees, debtors, plan-of-reorganization proponents, and asset purchasers. He may be contacted at email@example.com.
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