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A recent decision serves as a stark reminder that, if a foreign debtor seeks no more than an order granting recognition under Section 1517 and the automatic effects of recognition under Section 1520 of Chapter 15 with respect to U.S. assets, creditors may have to live with the processes and results of a foreign proceeding, no matter how contrary they may be to U.S. interests, law or public policy. [ABSTRACT FROM AUTHOR]

The U.S. Court of Appeals for the Second Circuit has held that a foreign proceeding may be granted Chapter 15 recognition only if the debtor in the foreign proceeding satisfies the eligibility requirements of Bankruptcy Code Section 109, by having a residence, domicile, principal place of business, or property in the United States. The case and its outcome, which was surprising to many observers, are discussed in this article. [ABSTRACT FROM AUTHOR]

The author of this article discusses two extremely significant steps the European Union has taken to accelerate the pace of the harmonization of national insolvency laws to warp speed so as to extend a "rescue and recovery" culture to business enterprises established in the 28 member states. [ABSTRACT FROM AUTHOR]

The article focuses on the legal actions undertaken by the U.S. Congress dealing with authorization of a foreign insolvency proceeding under the Chapter 15 of the U.S. Bankruptcy Code. Topics discussed include the legality for foreign debtors with assets in the U.S. to file a bankruptcy in the state, the abandoning of liabilities for environmental damage, and impact of law abandonment in the public health.

The article discusses debt crises around the world, focusing on bankruptcy laws and how debt has been handled by governments and the International Monetary Fund. Other topics include the nationalization of banks in Iceland in 2008, patterns in the boom and bust cycle of economics, and the faults of borrowers and lenders in creating debt crises.

The article reports that the European Commission (EC) granted Bermuda Solvency II equivalency through the adoption of EC's Delegated Act which recognizes the equivalence of Bermuda's prudential framework for reinsurance, insurance and group supervision to the regulation used on European reinsurers and insurers. Topics covered include the efforts of the Bermuda Monetary Authority (BMA) in achieving the equivalence, the Delegated Act's coverage, and the advantages of the Solvency II equivalence.