Chapter 15: Cross-Border Bankruptcy

Chapter 15 of the U.S. Bankruptcy Code deals with cross-border bankruptcy cases, where a company or individual has financial troubles in more than one country. This chapter allows U.S. courts to recognize and assist foreign bankruptcy proceedings, ensuring that assets are managed and debts are settled fairly across borders. It aims to provide a legal framework for cooperation between nations, protecting the interests of creditors and the distressed debtor, while respecting different countries' laws. Essentially, it facilitates a smoother process for handling bankruptcies that cross international lines.