Dan Moss
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Articles by Dan Moss
First Impressions: New York Bankruptcy Court Enforces Canadian Reverse Vesting Order in Chapter 15 Case
"Reverse vesting transactions" ("RVTs") have become a popular vehicle under Canadian restructuring law to permit a company to transfer preferred assets and liabilities to an acquiror, after which the excluded assets and liabilities are administered in the bankruptcy case of a newly formed residual entity.
First Impressions: New York Bankruptcy Court Enforces Canadian Reverse Vesting Order in Chapter 15 Case
"Reverse vesting transactions" ("RVTs") have become a popular vehicle under Canadian restructuring law to permit a company to transfer preferred assets and liabilities to an acquiror, after which the excluded assets and liabilities are administered in the bankruptcy case of a newly formed residual entity.
Florida Bankruptcy Court Examines Scope of Discovery in Chapter 15 Cases
Chapter 15 of the Bankruptcy Code was enacted more than 20 years ago to provide procedures governing cross-border bankruptcy cases. It is patterned on the 1997 UNCITRAL Model Law on Cross-Border Insolvency (the "Model Law"), which has been enacted in some form by more than 60 countries or territories.
New York Bankruptcy Court: Premature Allegations of Creditor Mistreatment Insufficient to Deny Chapter 15 Recognition of Foreign Restructuring Proceeding | JD Supra
As chapter 15 enters its third decade since enactment, U.S. cross-border bankruptcy jurisprudence has matured rapidly, leaving relatively few issues unaddressed by U.S. bankruptcy courts. Even so, courts considering whether to grant chapter 15 recognition to foreign bankruptcy cases still occasionally encounter uncharted or less-explored territory. One such case is In re ARD Finance, S.A., 2026 WL 817458 (Bankr. S.D.N.Y. Mar.
Florida Bankruptcy Court Examines Scope Of Discovery In Chapter 15 Cases
Jones Day are most popular: within Media, Telecoms, IT, Entertainment, International Law and Strategy topic(s) Chapter 15 of the Bankruptcy Code was enacted more than 20 years ago to provide procedures governing cross-border bankruptcy cases. It is patterned on the 1997 UNCITRAL Model Law on Cross-Border Insolvency (the "Model Law"), which has been enacted in some form by more than 60 countries or territories.
New York Bankruptcy Court: Premature Allegations Of Creditor Mistreatment Insufficient To Deny Chapter 15 Recognition Of Foreign Restructuring Proceeding
Jones Day are most popular: within Media, Telecoms, IT, Entertainment, International Law and Strategy topic(s) As chapter 15 enters its third decade since enactment, U.S. cross-border bankruptcy jurisprudence has matured rapidly, leaving relatively few issues unaddressed by U.S. bankruptcy courts. Even so, courts considering whether to grant chapter 15 recognition to foreign bankruptcy cases still occasionally encounter uncharted or less-explored territory.
Delaware District Court Affirms Chapter 15 Recognition Order Enforcing Nonconsensual Third-Party Releases
Jones Day are most popular: within Media, Telecoms, IT, Entertainment, International Law and Strategy topic(s) In U.S. Int'l Dev. Fin. Corp. v. Crédito Real S.A.B. de C.V., SOFOM, E.N.R. (In re Crédito Real S.A.B. de C.V., SOFOM, E.N.R.), 677 B.R. 192 (D. Del. 2026), appeal filed, No. 26-2356 (3d Cir.
Texas Bankruptcy Court Adopts Barnet Rule Requiring Foreign Debtor to Have U.S. Assets to Be Eligible for Chapter 15 Relief
As chapter 15 of the Bankruptcy Code enters its third decade of enactment, the volume of chapter 15 cases has increased significantly, and chapter 15 jurisprudence has rapidly matured. Even so, certain important issues are still being ironed out in the courts.
Business Restructuring Review Vol. 25 No. 4 July-August 2026
JD Jones Day More Jones Day is a global law firm with more than 2,500 lawyers across five continents. The Firm is distinguished by a singular tradition of client service; the mutual commitment to, and the seamless collaboration of, a true partnership; formidable legal talent across multiple disciplines and jurisdictions; and shared professional values that focus on client needs.
Playing God in the Gulf and a rare whale’s right to exist | Opinion Original
May 1, 2026, 6:02 a.m. ET The Rice's whale is a critically endangered species with only about 51 individuals remaining. This species, which lives exclusively in the Gulf of Mexico, faces threats from oil and gas drilling. Vessel strikes and oil spills are the primary dangers to the Rice's whale population. The U.S. government has taken steps to expand offshore drilling in the whale's habitat.
New York District Court Affirms Narrow Scope Of "Public Policy Exception" In Chapter 15 Cases
Chapter 15 of the Bankruptcy Code reached its 20th year of enactment in October 2025. A legislative framework premised on international comity, it has proven to be an invaluable tool for coordinating cross-border bankruptcy and insolvency cases and providing assistance to foreign bankruptcy courts and their functionaries.
New York District Court Affirms Narrow Scope of "Public Policy Exception" in Chapter 15 Cases
Chapter 15 of the Bankruptcy Code reached its 20th year of enactment in October 2025. A legislative framework premised on international comity, it has proven to be an invaluable tool for coordinating cross-border bankruptcy and insolvency cases and providing assistance to foreign bankruptcy courts and their functionaries.
U.S. Bankruptcy Court Denies Chapter 15 Recognition Of Maltese Liquidation Absent Evidence Of Meaningful Activities Supporting Finding Of COMI Or Establishment In Malta
Jones Day are most popular: within Accounting and Audit topic(s) Having reached its 20th anniversary of enactment, chapter 15 of the Bankruptcy Code has proven to be an invaluable tool in assisting foreign debtors, their duly-appointed representatives, and foreign bankruptcy courts to, among other things, preserve the debtor's U.S. assets, enforce the terms of foreign restructuring plans in the United States, and otherwise provide assistance in support of foreign bankruptcy proceedings.
New York Bankruptcy Court Denies Motion To Terminate Chapter 15 Recognition And Dismiss Chapter 15 Case
Jones Day are most popular: within Accounting and Audit topic(s) Corporate restructurings are not always successful for many reasons. As a consequence, the bankruptcy and restructuring laws of the United States and many other countries recognize that a failed restructuring may be followed by a liquidation or winding-up of the company, either through the commencement of a separate liquidation or winding-up proceeding, or by the conversion of the restructuring to a liquidation.
New York Bankruptcy Court Denies Motion to Terminate Chapter 15 Recognition and Dismiss Chapter 15 Case | JD Supra
Corporate restructurings are not always successful for many reasons. As a consequence, the bankruptcy and restructuring laws of the United States and many other countries recognize that a failed restructuring may be followed by a liquidation or winding-up of the company, either through the commencement of a separate liquidation or winding-up proceeding, or by the conversion of the restructuring to a liquidation.
U.S. Bankruptcy Court Denies Chapter 15 Recognition of Maltese Liquidation Absent Evidence of Meaningful Activities Supporting Finding of COMI or Establishment in Malta | Jones Day - JDSupra
Having reached its 20th anniversary of enactment, chapter 15 of the Bankruptcy Code has proven to be an invaluable tool in assisting foreign debtors, their duly-appointed representatives, and foreign bankruptcy courts to, among other things, preserve the debtor's U.S. assets, enforce the terms of foreign restructuring plans in the United States, and otherwise provide assistance in support of foreign bankruptcy proceedings.
New York Bankruptcy Court Rejects Challenge to Barnet Rule Permitting Foreign Debtors to Obtain Chapter 15 Recognition With Only Minimal U.S. Assets | JD Supra
As chapter 15 of the Bankruptcy Code reaches its 20th anniversary, the volume of chapter 15 cases has increased significantly, and chapter 15 jurisprudence has rapidly matured. Even so, certain important issues are still being ironed out in the courts.
Breaking New Ground: Second Circuit Rules that Bankruptcy Code's Securities Transactions Safe Harbor Bars Foreign Common-Law Claims in Chapter 15 Case | Jones Day - JDSupra
U.S. Bankruptcy and appellate courts have long wrangled over whether the provisions of the Bankruptcy Code apply extraterritorially to permit, for example, enforcement of the automatic stay to creditor collection efforts against a debtor or property of its bankruptcy estate outside of the United States, or avoidance and recovery of voidable pre-bankruptcy transfers from non-U.S. creditors by a bankruptcy trustee or chapter 11 debtor-in-possession ("DIP").
Gap Period Injunctive Relief Warranted In Chapter 15 Case Where Recognition Of Canadian Receivership Likely Based On U.S. Debtors' Receivership Activities
Unlike in cases filed under other chapters of the Bankruptcy Code, the filing of a petition for recognition of a foreign bankruptcy case under chapter 15 does not automatically trigger a stay of creditor actions against a debtor or its U.S. assets.
New York Bankruptcy Court Recognizes English Scheme Of Arrangement Proceeding Under Chapter 15 Despite Concerns Of Improper COMI Manipulation
Approaching its 20-year anniversary, chapter 15 of the Bankruptcy Code has proven to be an invaluable tool for facilitating cross-border bankruptcy and insolvency cases.
Revisiting Singapore's Corporate Restructuring And Insolvency Regime: Cross-Class Cramdown In Schemes Of Arrangement
The Development: On March 11, 2025, the Committee to Enhance Singapore's Corporate Restructuring and Insolvency Regime (the "Committee") published a report (the "Report") outlining its recommendations to further enhance and modernize Singapore's restructuring and insolvency ("R&I") framework. The Context: Singapore's R&I framework was last overhauled pursuant to the Insolvency, Restructuring and Dissolution Act 2018 (the "IRDA"), which came into force on July 30, 2020.
U.S. Bankruptcy Court Directs Turnover of Chapter 15 Debtor's Assets for Administration in Foreign Bankruptcy Proceeding | JD Supra
Nearing its 20th anniversary, chapter 15 of the Bankruptcy Code is an invaluable framework for coordinating cross-border bankruptcy cases involving foreign debtors that have assets located in the United States. It includes a host of provisions empowering a U.S. bankruptcy court to provide assistance to a foreign bankruptcy court or its representatives under the principle of international comity.
Business Restructuring Review | March-April 2025
JD Jones Day More Jones Day is a global law firm with more than 2,500 lawyers across five continents. The Firm is distinguished by a singular tradition of client service; the mutual commitment to, and the seamless collaboration of, a true partnership; formidable legal talent across multiple disciplines and jurisdictions; and shared professional values that focus on client needs.
New Jersey Bankruptcy Court Ruling Highlights The Utility Of Chapter 15 In Enforcing Foreign Bankruptcy Court Orders In The United States As A Matter Of Comity
"Comity" is a principle of jurisprudence whereby, under appropriate circumstances, one country recognizes within its borders the legislative, executive, or judicial acts of another nation. Many recent court rulings have examined the indispensable role of comity in the context of foreign bankruptcy or insolvency proceedings that have been "recognized" by U.S. courts during the two decades since the enactment of chapter 15 of the Bankruptcy Code.
New Jersey Bankruptcy Court Ruling Highlights the Utility of Chapter 15 in Enforcing Foreign Bankruptcy Court Orders in the United States as a Matter of Comity | Jones Day - JDSupra
"Comity" is a principle of jurisprudence whereby, under appropriate circumstances, one country recognizes within its borders the legislative, executive, or judicial acts of another nation. Many recent court rulings have examined the indispensable role of comity in the context of foreign bankruptcy or insolvency proceedings that have been "recognized" by U.S. courts during the two decades since the enactment of chapter 15 of the Bankruptcy Code.
Florida Bankruptcy Court Refuses to Recognize Pre-Judgment Asset Freeze Order of Brazilian Bankruptcy Court as Being Manifestly Contrary to U.S. Public Policy | Jones Day - JDSupra
The expansion of global commerce in recent years has been accompanied by a significant increase in the volume of cross-border bankruptcy cases. Many of those cases involve "recognition" of foreign bankruptcy or insolvency proceedings under chapter 15 of the Bankruptcy Code and enforcement in the United States of the terms of foreign restructuring plans approved by non-U.S. courts.
Filing of Adversary Proceeding Against Chapter 15 Debtor Violated Automatic Stay, and "Home Court" Rule Does Not Apply in Chapter 15 Cases | JD Supra
It is generally well understood that an order of a U.S. bankruptcy court recognizing a debtor's foreign bankruptcy case as a "main" proceeding under chapter 15 of the Bankruptcy Code triggers the automatic stay preventing creditor collection efforts against the debtor and its U.S. assets.
Ninth Circuit: Reversal on Appeal of Order Denying Chapter 15 Recognition Does Not Retroactively Trigger Automatic Stay | JD Supra
It is generally recognized that an order of a U.S. bankruptcy court recognizing a debtor's foreign bankruptcy proceeding as a "main" proceeding under chapter 15 of the Bankruptcy Code triggers the automatic stay preventing creditor collection efforts against the debtor and its U.S. assets.
Ownership Dispute Regarding Foreign Debtor's U.S. Assets Must Be Resolved Before a U.S. Bankruptcy Court Can Approve Sale Under Section 363 in Chapter 15 Case | Jones Day - JDSupra
As the enactment of chapter 15 of the Bankruptcy Code approaches its 20-year anniversary, U.S. bankruptcy courts are still grappling with some unresolved issues concerning how its provisions should be applied to best harmonize cross-border bankruptcy cases. One of those issues was the subject of a bench ruling handed down by the U.S. Bankruptcy Court for the District of Delaware. In In re Goli Nutrition Inc., 2024 WL 1748460 (Bankr. D. Del. Apr.
First Impressions: Singapore International Commercial Court Approves Cross-Border Prepackaged Scheme Of Arrangement For Unregistered Foreign Company
The Singapore International Commercial Court (the "SICC"), a division of the General Division of the High Court and part of the Supreme Court of Singapore, was established in 2015 as a trusted neutral forum to meet increasing demand for effective transnational dispute resolution.
Ownership Dispute Regarding Foreign Debtor's U.S. Assets Must Be Resolved Before A U.S. Bankruptcy Court Can Approve Sale Under Section 363 In Chapter 15 Case - Insolvency/Bankruptcy - Insolvency/Bankruptcy/Re-Structuring - United States
As the enactment of chapter 15 of the Bankruptcy Code approaches its 20-year anniversary, U.S. bankruptcy courts are still grappling with some unresolved issues concerning how its provisions should be applied to best harmonize cross-border bankruptcy cases. One of those issues was the subject of a bench ruling handed down by the U.S. Bankruptcy Court for the District of Delaware. In In re Goli Nutrition Inc., 2024 WL 1748460 (Bankr. D. Del. Apr.
Chapter 15 Recognition Is No Rubber Stamp: Recent Trends Regarding Foreign Main And Nonmain Recognition
The number of complex cross-border restructurings continues to rise as the various economies of the world become more integrated. A growing contingent of countries has enacted sophisticated restructuring regimes or refined existing statutory structures offering distressed companies and their lenders foreign restructuring alternatives other than, or in addition to, U.S. chapter 11 to effectuate a worldwide balance sheet restructuring.
Chapter 15 Recognition Is No Rubber Stamp: Recent Trends Regarding Foreign Main and Nonmain Recognition
The number of complex cross-border restructurings continues to rise as the various economies of the world become more integrated. A growing contingent of countries has enacted sophisticated restructuring regimes or refined existing statutory structures offering distressed companies and their lenders foreign restructuring alternatives other than, or in addition to, U.S. chapter 11 to effectuate a worldwide balance sheet restructuring.
Circuit Split: Eleventh Circuit and Second Circuit Disagree on Eligibility Requirements for Chapter 15 Debtors | JD Supra
Courts disagree over whether a foreign bankruptcy case can be recognized under chapter 15 of the Bankruptcy Code if the foreign debtor does not reside or have assets or a place of business in the United States. In 2013, the U.S. Court of Appeals for the Second Circuit staked out its position on this issue in Drawbridge Special Opportunities Fund LP v. Barnet (In re Barnet), 737 F.3d 238 (2d Cir.
U.S. Supreme Court Bankruptcy Update
The U.S. Supreme Court handed down three bankruptcy rulings to finish the Term ended in July 2024. The decisions address the validity of nonconsensual third-party releases in chapter 11 plans, the standing of insurance companies to object to "insurance neutral" chapter 11 plans, and the remedy for overpayment of administrative fees in chapter 11 cases to the Office of the U.S. Trustee. We discuss each of them below.
Business Restructuring Review Vol. 23 No. 4 | July-August 2024
JD Jones Day More Jones Day is a global law firm with more than 2,500 lawyers across five continents. The Firm is distinguished by a singular tradition of client service; the mutual commitment to, and the seamless collaboration of, a true partnership; formidable legal talent across multiple disciplines and jurisdictions; and shared professional values that focus on client needs. The U.S. Supreme Court handed down three bankruptcy rulings to finish the current Term.
Circuit Split: Eleventh Circuit and Second Circuit Disagree on Eligibility Requirements for Chapter 15 Debtors
Courts disagree over whether a foreign bankruptcy case can be recognized under chapter 15 of the Bankruptcy Code if the foreign debtor does not reside or have assets or a place of business in the United States. In 2013, the U.S. Court of Appeals for the Second Circuit staked out its position on this issue in Drawbridge Special Opportunities Fund LP v. Barnet (In re Barnet), 737 F.3d 238 (2d Cir.
Cayman Islands Branch of FDIC-Insured U.S. Bank Ineligible for Chapter 15 Relief | JD Supra
The Bankruptcy Code bars certain individuals or entities from filing for bankruptcy protection, generally because they do not reside or have a place of business or property in the United States, fail to satisfy certain debt thresholds, or are business entities, such as banks and insurance companies, subject to non-bankruptcy rules or regulations governing their rehabilitation or liquidation.
Third Circuit Updates Its Standard for Granting Comity to Foreign Bankruptcy Proceedings | JD Supra
"Comity" is a principle of jurisprudence whereby, under appropriate circumstances, one country recognizes within its borders the legislative, executive, or judicial acts of another nation. Many recent court rulings have examined the indispensable role of comity in the context of foreign bankruptcy or insolvency proceedings that have been "recognized" by U.S. courts during the two decades since the enactment of chapter 15 of the Bankruptcy Code.
Delaware Bankruptcy Court: "Center of Main Interests" for Purposes of Chapter 15 Recognition Must Be Determined on Debtor-by-Debtor Rather than Enterprise Group Basis | Jones Day - JDSupra
Determining a foreign debtor's "center of main interests" ("COMI") for purposes of recognizing a foreign bankruptcy proceeding in the United States under chapter 15 of the Bankruptcy Code can be problematic in cases involving multiple debtors that are members of an enterprise group doing business in several different countries.
Business Restructuring Review Vol. 23 No. 3 | May-June 2024
JD Jones Day More Jones Day is a global law firm with more than 2,500 lawyers across five continents. The Firm is distinguished by a singular tradition of client service; the mutual commitment to, and the seamless collaboration of, a true partnership; formidable legal talent across multiple disciplines and jurisdictions; and shared professional values that focus on client needs. In In re Pack Liquidating, LLC, 2024 WL 409830 (Bankr. D. Del. Feb.
Delaware Bankruptcy Court: "Center of Main Interests" for Purposes of Chapter 15 Recognition Must Be Determined on Debtor-by-Debtor Rather than Enterprise Group Basis
Determining a foreign debtor's "center of main interests" ("COMI") for purposes of recognizing a foreign bankruptcy proceeding in the United States under chapter 15 of the Bankruptcy Code can be problematic in cases involving multiple debtors that are members of an enterprise group doing business in several different countries.
Cayman Islands Branch of FDIC-Insured U.S. Bank Ineligible for Chapter 15 Relief
The Bankruptcy Code bars certain individuals or entities from filing for bankruptcy protection, generally because they do not reside or have a place of business or property in the United States, fail to satisfy certain debt thresholds, or are business entities, such as banks and insurance companies, subject to non-bankruptcy rules or regulations governing their rehabilitation or liquidation.
The Adler Aftermath: From Colombia to Germany, Junior Creditors Crammed and Compromised
In Short The Situation: Following the seminal Adler judgment, the English Court has now ruled on a further two contested restructuring plans ("RPs"). These two judgments provide important commentary relevant to all parties considering or affected by a RP.
Singapore Court Issues Landmark Decision Recognizing Indonesian Restructuring Plan
The Singapore International Commercial Court ("SICC") has handed down its first insolvency-related ruling. The court granted recognition and full force and effect to Indonesia's flagship airline's restructuring plan. That plan had been approved in accordance with Indonesian law. In granting recognition to the Indonesian plan under Singapore's version of the UNCITRAL Model Law on Cross-Border Insolvency, the SICC overruled objections to recognition from aircraft lessors.
Singapore International Commercial Court Issues First Decision on Recognition of Cross-Border Bankruptcy Cases under Model Law | JD Supra
Established in 2015 as a trusted neutral forum to meet increasing demand for effective transnational dispute resolution, the Singapore International Commercial Court (the "SICC") is a division of the General Division of the High Court and part of the Supreme Court of Singapore. On January 18, 2024, the SICC handed down its first insolvency-related ruling.
The Year In Bankruptcy: 2023 | JD Supra
One year ago, we wrote that 2022 would be remembered in the corporate bankruptcy world for the "crypto winter" that descended in November 2022 with the spectacular collapse of FTX Trading Ltd., Alameda Research, and approximately 130 other affiliated companies that ignited the meltdown of many other platforms, exchanges, lenders, and mining operations because they did business with FTX.
Chapter 15 Filing as a Litigation Tactic Not Bad Faith Justifying Automatic Stay Relief | JD Supra
Debtors in non-U.S. bankruptcy or restructuring proceedings commonly seek to shield their U.S. assets from creditor collection efforts by seeking "recognition" of those proceedings in the United States in a case under chapter 15 of the Bankruptcy Code.
Adler: English Court of Appeal Overturns Restructuring Plan
In Short The Situation: The Adler Group sought to restructure more than €6 billion of debt by means of a UK restructuring plan ("RP"), to give itself a runway for a planned wind-down and asset sales, leading to an enhanced return for creditors when compared against an immediate insolvency. The RP sought to retain a phased maturity of the senior unsecured notes.
The Year In Bankruptcy: 2023
One year ago, we wrote that 2022 would be remembered in the corporate bankruptcy world for the "crypto winter" that descended in November 2022 with the spectacular collapse of FTX Trading Ltd., Alameda Research, and approximately 130 other affiliated companies that ignited the meltdown of many other platforms, exchanges, lenders, and mining operations because they did business with FTX.
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