§1520 Effects of Recognition of a Foreign Main Proceeding

Summary

If a debtor’s main bankruptcy case in another country is recognized in the United States, certain U.S. bankruptcy rules apply to the debtor and any of the debtor’s property in the U.S. Sections 361 and 362 apply; sections 363, 549, and 552 apply to transfers of U.S. property; and, unless a court orders otherwise, the foreign representative may run the debtor’s business and use trustee powers under sections 363 and 552. This does not stop someone from starting a foreign lawsuit to protect a claim, and it does not stop a foreign representative or any party from beginning or taking part in a U.S. bankruptcy case.