Chapter 15 (U.S. Bankruptcy Code)

Chapter 15 of the U.S. Bankruptcy Code deals with cross-border insolvency cases. It provides a legal process for a debtor who has assets in multiple countries to seek relief from creditors. This chapter aims to encourage cooperation between U.S. courts and foreign courts, facilitating the recognition of foreign bankruptcy proceedings in the U.S. and ensuring fair treatment of all creditors. It helps in managing the debtor's assets globally while respecting the laws of different jurisdictions, ultimately promoting an orderly transition for businesses facing financial difficulties that span international borders.