Yankee Practitioners Cheer US Bankruptcy Court's Recognition of British Flexibility
The article discusses the difference between the US and UK bankruptcy proceedings, noting that the Brits “claim to have more flexibility.” The article also details that the awareness of the distinction between the two countries was heightened when the US Bankruptcy Court in the Southern District of New York issued a 26-page opinion written by Judge Glenn that set a legal precedent which could “lead to more work for law firms with transatlantic bankruptcy practices.”
George commented on Judge Martin Glenn's statement noting that his opinion represents a “green light for debtors to pursue schemes of arrangement in UK courts and then get them recognized by US courts.” George also noted that, “the US bankruptcy proceeding in the Avanti case was unopposed and so the limits of the Avanti decision may depend on due process concerns and the actual extent to which the foreign proceeding diverges from US policy interests.”
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