What's U.S.B.C. Chapter 15?


Chapter 15 is a new chapter added to the Bankruptcy Code by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. It is the U.S. domestic adoption of the Model Law on Cross-Border Insolvency promulgated by the United Nations Commission on International Trade Law ("UNCITRAL") in 1997, and it replaces section 304 of the Bankruptcy Code. 


The purpose of Chapter 15, and the Model Law on which it is based, is to provide effective mechanisms for dealing with insolvency cases involving debtors, assets, claimants, and other parties of interest involving more than one country. 


This general purpose is realized through five objectives specified in the statute (11 U.S.C. § 1501): 

(1) to promote cooperation between the United States courts and parties of interest and the courts and other competent authorities of foreign countries involved in cross-border insolvency cases; 

(2) to establish greater legal certainty for trade and investment; 

(3) to provide for the fair and efficient administration of cross-border insolvencies that protects the interests of all creditors and other interested entities, including the debtor; 

(4) to afford protection and maximization of the value of the debtor's assets and;

(5) to facilitate the rescue of financially troubled businesses, thereby protecting investment and preserving employment. 


Because of the UNCITRAL source for chapter 15, the U.S. interpretation must be coordinated with the interpretation given by other countries that have adopted it as internal law to promote a uniform and coordinated legal regime for cross-border insolvency cases.





Chapter 15 Cases Database


Chapter 15 Cases  is a database of all Chapter 15 cases filed in the U.S. since 2005. It is searchable by jurisdiction and by judge. Related cases are also listed. 


The database is regularly updated by the bankruptcy and corporate reorganization team at Paul WEISS, under the direction of Claudia TOBLER. 


The database is available from the Global INSOLvency website which is a joint project of the American Bankruptcy Institute and INSOL International at: