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§ 1517(b)

Morning Mist Holdings Ltd. v. Krys (In re Fairfield Sentry Ltd.)

Apr
16
2013
Ruling
Bankruptcy court properly recognized foreign main proceeding as debtor's center of main interest was in British Virgin Islands.
Procedural posture

Appellants, including a shareholder of debtor, challenged a judgment of the U.S. District Court for the Southern District of New York affirming the order of the Bankruptcy Court, which determined that debtor had its "center of main interests" in the British Virgin Islands (BVI), and therefore recognized debtor's liquidation in the BVI as a "foreign main proceeding" under 11 U.S.C.S. § 1517. Appellees were debtor's liquidator.

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Court :
Judge or Jurisdiction information not available
Commercial opinion summary, case decided on April 16, 2013 , LexisNexis #0513-033
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In re Gerova Fin. Group

Oct
22
2012
Ruling
Recognition of foreign main proceeding granted and could not be conditioned on cost-benefit analysis, approval of creditors or examination of need for proceedings.
Procedural posture

Liquidators of debtors in foreign insolvency proceedings petitioned a bankruptcy court for recognition of the foreign proceedings as foreign main proceedings. Creditors of the debtors objected to recognition on the grounds that recognition was unnecessary and against U.S. public policy.

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Commercial opinion summary, case decided on October 22, 2012 , LexisNexis #1112-066
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In re British Am. Isle of Venice Ltd.

Dec
23
2010
Ruling
Petitioner who represented debtor's parent, debtor's largest creditor, in other bankruptcy cases was eligible to seek recognition of foreign main proceeding.
Procedural posture

Petitioner was appointed by the High Court of Justice, British Virgin Islands, Commercial Court (the "BVI court"), to liquidate a British Virgin Islands corporation that conducted business in the United States, and he filed a petition in the bankruptcy court which asked the court to recognize the action in the BVI court as a foreign main proceeding under 11 U.S.C.S. § 1517(b)(1). A creditor opposed the petition.

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Commercial opinion summary, case decided on December 23, 2010 , LexisNexis #0111-099
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In re Fairfield Sentry Ltd.

Jul
22
2010
Ruling
British Virgin Islands liquidation proceedings of vehicles established by operator of Ponzi scheme recognized as foreign main proceeding.
Procedural posture

Petitioner liquidators filed a petition in the bankruptcy court, seeking recognition of liquidation proceedings that were filed in the High Court of Justice, British Virgin Islands (BVI), as foreign main proceedings under 11 U.S.C.S. § 1517(b)(1), in the alternative, as foreign nonmain proceedings under 11 U.S.C.S. § 1517(b)(2). A business and an individual who invested in one of the debtors filed an objection.

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Commercial opinion summary, case decided on July 22, 2010 , LexisNexis #1210-031
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