Cross-Border Insolvency Act

The Cross-Border Insolvency Act is a U.S. law that helps manage bankruptcy cases involving assets and debts in more than one country. It provides a legal framework for dealing with situations where a person or company is insolvent (can’t pay their debts) and has connections to multiple countries. The Act aims to facilitate cooperation between courts and representatives from different countries, making it easier to handle such complex cases, protect creditors’ rights, and ensure fair treatment of debtors in international situations.