Jenner & Block

"The Timing Requirement under Chapter 15," American Bankruptcy Institute Journal

In this article Jenner & Block Associate Mark A. Lightner discusses Lavie v. Ran (In re Ran), a case recently decided by the U.S. Court of Appeals for the Fifth Circuit, and the implications it will have on chapter 15 jurisprudence. In re Ran is a watershed case, Mr. Lightner says, not only because it is the first circuit court case to address the contours of recognition under chapter 15, but it also clarifies the landscape for understanding the substantive framework for foreign main and nonmain recognition proceedings by defining a timeframe in which to view the factual predicates required for recognition. According to the article, In re Ran may also have significant global implications because the Fifth Circuit’s interpretation of chapter 15, which is based on the Model Law on Cross-Border Insolvency promulgated by the United Nations, may influence courts throughout Europe and the world.