Article
Comparison between Chapter 15 of U.S. Bankruptcy Code, and Part IV of Companies’ Creditors Arrangement Act
January 2012
Scott A. Bomhof, Pamela L.J. Huff
I. THE STATUTORY FRAMEWORK: COMMON FEATURES
II. KEY DISTINCTIONS
- Distinguishing between Foreign Main Proceeding and Foreign Non-Main Proceeding
- Recognition and Relief
- Foreign Main Proceeding: Automatic Stay and Other Relief
- Discretionary Stay and Other Relief
- Public Policy Exception
- Other Exceptions
- Provisional Relief and Stay
- Additional Assistance
- Domestic Proceedings by the Foreign Representative
- Credit for Recovery in Other Jurisdictions
III. COMI UNDER PART IV OF THE CCAA
IV. LIMITATIONS ON RECOGNITION: PUBLIC POLICY AND INCONSISTENCY WITH THE CCAA
- Public Policy
- Inconsistency with the CCAA
V. CCAA STAYS AND THIRD-PARTY RELEASES IN FAVOUR OF NON-DEBTORS: OVERVIEW OF CASE LAW
- Cases Extending the CCAA Stay to Corporate Non-Debtors
- Cases Extending the CCAA Stay to Partnerships and Limited Partnerships that Otherwise do not qualify to file under the CCAA
This paper was delivered to the American Bankruptcy Institute: Canadian-American Insolvency Symposium 2011, Toronto, November 7, 2011.
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