Issues and strategies in US-Canada cross-border restructurings | Practical Law

Issues and strategies in US-Canada cross-border restructurings | Practical Law

Cross-border insolvency proceedings involving affiliated debtors within a corporate group are becoming the norm. Against this background, this chapter focuses on key issues and trends relevant to cross-border restructurings between the US and Canada, including the effect of recent economic developments, Canadian insolvency reform, using jurisdiction to advantage through the example of the recent Chapter 15 case involving MuscleTech, meeting the requirements for recognition under Chapter 15, recognition of foreign non-main proceedings under existing law and pending insolvency reforms in Canada, the impact of new provisions for the recognition of foreign insolvency proceedings, and assets sales.

Issues and strategies in US-Canada cross-border restructurings

Practical Law Article 0-380-8966 (Approx. 12 pages)

Issues and strategies in US-Canada cross-border restructurings

by Sheryl Seigel, Lang Michener LLP
Law stated as of 01 Jan 2008Canada (Common Law), USA (National/Federal)
Cross-border insolvency proceedings involving affiliated debtors within a corporate group are becoming the norm. Against this background, this chapter focuses on key issues and trends relevant to cross-border restructurings between the US and Canada, including the effect of recent economic developments, Canadian insolvency reform, using jurisdiction to advantage through the example of the recent Chapter 15 case involving MuscleTech, meeting the requirements for recognition under Chapter 15, recognition of foreign non-main proceedings under existing law and pending insolvency reforms in Canada, the impact of new provisions for the recognition of foreign insolvency proceedings, and assets sales.