Comparison between Chapter 15 of U.S. Bankruptcy Code, and Part IV of Companies' Creditors Arrangement Act


I. THE STATUTORY FRAMEWORK: COMMON FEATURES

II. KEY DISTINCTIONS

  1. Distinguishing between Foreign Main Proceeding and Foreign Non-Main Proceeding
  2. Recognition and Relief
  3. Foreign Main Proceeding: Automatic Stay and Other Relief
  4. Discretionary Stay and Other Relief
  5. Public Policy Exception
  6. Other Exceptions
  7. Provisional Relief and Stay
  8. Additional Assistance
  9. Domestic Proceedings by the Foreign Representative
  10. 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

  1. Public Policy
  2. Inconsistency with the CCAA

V. CCAA STAYS AND THIRD-PARTY RELEASES IN FAVOUR OF NON-DEBTORS: OVERVIEW OF CASE LAW

  1. Cases Extending the CCAA Stay to Corporate Non-Debtors
  2. 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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