Chapter 15 Bankruptcy - Definition
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What is Chapter 15 Bankruptcy?
Chapter 15 was included in the US Bankruptcy Code in 2005. It facilitates a friendly environment for the settlement of international insolvencies. Specifically, Chapter 15 facilitates the relationship between U.S courts and foreign courts.
Chapter 15 focuses on jurisdiction. A foreign debtor can access the US bankruptcy courts in order to protect the value of their assets and resolving issues surrounding the debts.