§1529 — Title 11 Bankruptcy | U.S. Code

Summary

When a foreign bankruptcy or insolvency case and a U.S. bankruptcy case involve the same debtor at the same time, the court must try to work together and coordinate under sections 1525, 1526, and 1527. If the U.S. case is already going when someone asks the court to recognize the foreign case, any emergency or temporary help given under sections 1519 or 1521 must match what the U.S. case allows, and section 1520 will not apply even if the foreign case is the main one. If the U.S. case starts after the foreign case was recognized or after the recognition petition was filed, the court will review any relief under 1519 or 1521 and change or end it if it conflicts with the U.S. case; and if the foreign case is a main proceeding, the stay or suspension under 1520(a) can be changed or ended if it conflicts. When the foreign case is a nonmain proceeding, the court may only give or change relief to a foreign representative if it concerns assets that U.S. law says belong in that foreign nonmain proceeding or if it involves information needed there. While coordinating under sections 1528 and 1529, the court may also use the powers allowed under section 305.

Title 11, §1529

Bankruptcy — Source: USLM XML via OLRC

If a foreign proceeding and a case under another chapter of this title are pending concurrently regarding the same debtor, the court shall seek cooperation and coordination under section 1525, 1526, and 1527, and the following shall apply:

(1)If the case in the United States is pending at the time the petition for recognition of such foreign proceeding is filed—

(A)any relief granted under section 1519 or 1521 must be consistent with the relief granted in the case in the United States; and

(B)section 1520 does not apply even if such foreign proceeding is recognized as a foreign main proceeding.

(2)If a case in the United States under this title commences after recognition, or after the date of the filing of the petition for recognition, of such foreign proceeding—

(A)any relief in effect under section 1519 or 1521 shall be reviewed by the court and shall be modified or terminated if inconsistent with the case in the United States; and

(B)if such foreign proceeding is a foreign main proceeding, the stay and suspension referred to in section 1520(a) shall be modified or terminated if inconsistent with the relief granted in the case in the United States.

(3)In granting, extending, or modifying relief granted to a representative of a foreign nonmain proceeding, the court must be satisfied that the relief relates to assets that, under the laws of the United States, should be administered in the foreign nonmain proceeding or concerns information required in that proceeding.

(4)In achieving cooperation and coordination under section 1528 and 1529, the court may grant any of the relief authorized under section 305.

Notes & Related Subsidiaries

Editorial Notes

Amendments

2010—Par. (1). Pub. L. 111–327, which directed amendment of par. (1) by inserting “is” after “States”, was executed by making the insertion only in introductory provisions to reflect the probable intent of Congress.

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.

§1529 Coordination of a Case Under This Title and a Foreign Proceeding

Summary

Title 11, §1529

Notes & Related Subsidiaries

Editorial Notes

Amendments

Statutory Notes and Related Subsidiaries

Effective Date

Effective Date

Effective Date

Citations & Metadata