The Rule in Gibbs and Chapter 15 of the US Bankruptcy Code

Abstract

This article considers certain legal and policy issues arising from a market practice whereby a debtor seeks to restructure and compromise US law-governed debts by an offshore scheme of arrangement coupled with recognition under Chapter 15 of the US Bankruptcy Code, in the hope of satisfying the rule in Gibbs.

This material was first published by Thomson Reuters, trading as Sweet & Maxwell, 5 Canada Square, Canary Wharf, London, E14 5AQ, in International Company and Commercial Law Review, Issue 7, and is reproduced by agreement with the publishers. For further details, please see the publishers’ website.