§1519 — Title 11 Bankruptcy | U.S. Code

Summary

A court may give temporary help to a foreign representative from the time a petition for recognition is filed until the court decides, if urgent action is needed to protect the debtor’s assets or the creditors’ interests. That help can stop enforcement against the debtor’s assets, put the foreign representative or another court-approved person (including an examiner) in charge of U.S. assets that are perishable or at risk, or provide any relief listed in section 1521(a)(3), (4), or (7). The temporary help ends when recognition is granted unless extended under section 1521(a)(6). The court must deny help if it would interfere with a foreign main proceeding. The court may not block police or regulatory acts, including criminal cases. Injunction rules apply, and rights excepted from a stay under section 362(a) by paragraphs (6), (7), (17), (27) or under section 362(o) cannot be stayed.

Title 11, §1519

Bankruptcy — Source: USLM XML via OLRC

(a)From the time of filing a petition for recognition until the court rules on the petition, the court may, at the request of the foreign representative, where relief is urgently needed to protect the assets of the debtor or the interests of the creditors, grant relief of a provisional nature, including—

(1)staying execution against the debtor’s assets;

(2)entrusting the administration or realization of all or part of the debtor’s assets located in the United States to the foreign representative or another person authorized by the court, including an examiner, in order to protect and preserve the value of assets that, by their nature or because of other circumstances, are perishable, susceptible to devaluation or otherwise in jeopardy; and

(3)any relief referred to in paragraph (3), (4), or (7) of section 1521(a).

(b)Unless extended under section 1521(a)(6), the relief granted under this section terminates when the petition for recognition is granted.

(c)It is a ground for denial of relief under this section that such relief would interfere with the administration of a foreign main proceeding.

(d)The court may not enjoin a police or regulatory act of a governmental unit, including a criminal action or proceeding, under this section.

(e)The standards, procedures, and limitations applicable to an injunction shall apply to relief under this section.

(f)The exercise of rights not subject to the stay arising under section 362(a) pursuant to paragraph (6), (7), (17), or (27) of section 362(b) or pursuant to section 362(o) shall not be stayed by any order of a court or administrative agency in any proceeding under this chapter.

Notes & Related Subsidiaries

Editorial Notes

Amendments

2010—Subsec. (f). Pub. L. 111–327 substituted “362(o)” for “362(n)”.

Statutory Notes and Related Subsidiaries

Effective Date

Section effective 180 days after Apr. 20, 2005, and not applicable with respect to cases commenced under this title before such

Effective Date

, except as otherwise provided, see section 1501 of Pub. L. 109–8, set out as an

Effective Date

of 2005 Amendment note under section 101 of this title.

§1519 Relief that may be granted upon filing petition for recognition

Summary

Title 11, §1519

Notes & Related Subsidiaries

Editorial Notes

Amendments

Statutory Notes and Related Subsidiaries

Effective Date

Effective Date

Effective Date

Citations & Metadata