§1507 — Title 11 Bankruptcy | U.S. Code

Summary

If a U.S. court recognizes a foreign representative, it may give that person extra help under this law or other U.S. laws, but only if other limits in this chapter allow it. Before giving extra help, the court must decide whether, while respecting the foreign court, the help will reasonably ensure five things: fair treatment of all people with claims or interests in the debtor’s property; protection of U.S. claimants from unfairness or trouble when filing claims in the foreign case; prevention of preferred or fraudulent transfers of the debtor’s property; distribution of the debtor’s assets mostly in the order this law sets; and, when appropriate, a chance for the individual involved to get a fresh start.

Title 11, §1507

Bankruptcy — Source: USLM XML via OLRC

(a)Subject to the specific limitations stated elsewhere in this chapter the court, if recognition is granted, may provide additional assistance to a foreign representative under this title or under other laws of the United States.

(b)In determining whether to provide additional assistance under this title or under other laws of the United States, the court shall consider whether such additional assistance, consistent with the principles of comity, will reasonably assure—

(1)just treatment of all holders of claims against or interests in the debtor’s property;

(2)protection of claim holders in the United States against prejudice and inconvenience in the processing of claims in such foreign proceeding;

(3)prevention of preferential or fraudulent dispositions of property of the debtor;

(4)distribution of proceeds of the debtor’s property substantially in accordance with the order prescribed by this title; and

(5)if appropriate, the provision of an opportunity for a fresh start for the individual that such foreign proceeding concerns.

Notes & Related Subsidiaries

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.

§1507 Additional Assistance

Summary

Title 11, §1507

Notes & Related Subsidiaries

Statutory Notes and Related Subsidiaries

Effective Date

Effective Date

Effective Date

Citations & Metadata