کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
1014601 | 939387 | 2007 | 8 صفحه PDF | دانلود رایگان |
While many international businesses are successful, others experience financial difficulties and file for bankruptcy. These cases pose challenges for bankruptcy courts worldwide because the assets of the debtor are located in more than one nation. How is this being handled? The trend is toward cooperation. Under the principle of comity, one nation gives effect to the laws and judicial decisions of another nation as a matter of deference and mutual respect. The Bankruptcy Abuse Prevention and Consumer Protection Act (the Act), effective October 2005, amends the bankruptcy code in several significant ways. One such amendment is Chapter 15: Ancillary and Other Cross-Border Cases. Chapter 15 not only embraces but also advances the spirit of comity.
Journal: Business Horizons - Volume 50, Issue 2, March–April 2007, Pages 105–112