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

Summary

A court can give short-term emergency help, at the foreign representative’s request, from the time a petition to recognize a foreign proceeding is filed until the court decides. The court can pause seizures of the debtor’s U.S. assets, put the foreign representative or a court-appointed person in charge of U.S. assets (especially if they are perishable or losing value), and order other temporary protections the law allows. That emergency help ends when the petition is recognized unless other rules extend it. The court must refuse relief if it would interfere with running a foreign main proceeding. The court cannot block police or regulatory actions, including criminal cases. These orders follow the usual injunction rules, and any rights that other rules say cannot be stayed remain in effect.

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