§1517 — Title 11 Bankruptcy | U.S. Code

Summary

A court must enter an order recognizing a foreign proceeding after notice and a hearing if three things are true: the case is a foreign main or foreign nonmain proceeding (see section 1502), the person applying is a foreign representative, and the petition meets the rules in section 1515. A proceeding is "main" if it is in the country where the debtor has its center of main interests, and "nonmain" if the debtor has an establishment in that country. The court must decide as soon as possible. Recognition can be changed or ended if the original reasons were missing or stop, but the court must weigh harm to people who relied on the order. A case may be closed under section 350.

Title 11, §1517

Bankruptcy — Source: USLM XML via OLRC

(a)Subject to section 1506, after notice and a hearing, an order recognizing a foreign proceeding shall be entered if—

(1)such foreign proceeding for which recognition is sought is a foreign main proceeding or foreign nonmain proceeding within the meaning of section 1502;

(2)the foreign representative applying for recognition is a person or body; and

(3)the petition meets the requirements of section 1515.

(b)Such foreign proceeding shall be recognized—

(1)as a foreign main proceeding if it is pending in the country where the debtor has the center of its main interests; or

(2)as a foreign nonmain proceeding if the debtor has an establishment within the meaning of section 1502 in the foreign country where the proceeding is pending.

(c)A petition for recognition of a foreign proceeding shall be decided upon at the earliest possible time. Entry of an order recognizing a foreign proceeding constitutes recognition under this chapter.

(d)The provisions of this subchapter do not prevent modification or termination of recognition if it is shown that the grounds for granting it were fully or partially lacking or have ceased to exist, but in considering such action the court shall give due weight to possible prejudice to parties that have relied upon the order granting recognition. A case under this chapter may be closed in the manner prescribed under section 350.

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.

§1517 Order Granting Recognition

Summary

Title 11, §1517

Notes & Related Subsidiaries

Statutory Notes and Related Subsidiaries

Effective Date

Effective Date

Effective Date

Citations & Metadata