International Bankruptcy and the Spirit of Comity: New U.S. Law Encourages Cooperation Among Nations Harvard Case Solution & Analysis

While many international companies are successful, others are experiencing financial difficulties and file for bankruptcy. These cases are problematic for bankruptcy courts around the world, because the debtor's assets are located in more than one country. How is it treated? Tendency to cooperate. Under the principle of comity, a nation drives the laws and judgments of other people as a matter of respect and mutual respect. Bankruptcy Abuse Prevention and Consumer Protection Act (the Act), in October 2005, amended the Bankruptcy Code in several important respects. One such amendment Chapter 15: Ancillary and other cross-border cases. Chapter 15 covers not only the achievements but also the spirit of courtesy. "Hide
by Theresa J. Holt Source: Business Horizons 8 pages. Publication Date: March 15, 2007. Prod. #: BH224-PDF-ENG

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