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CASE(S)
Hatteras
Reinsurance Ltd
NRG Victory
Reinsurance Ltd
Lion City Run‐Off
Private Limited
La Mutuelle du
Mans Assurances
IARD UK Branch
MMA Account
FOREIGN
PROCEEDIN
G
COUNTRY
Bermuda
United
Kingdom
Singapore
United
Kingdom
DISPOSITION
Invol winding
up
Contested Ch
15
Recognized as
Main
Proceeding
Run‐Off
Scheme
Recognized as
Main
Proceeding but
Scheme not
pursued and
Ch 15 Case
Withdrawn
Run‐Off
Scheme
Recognized as
Main
Proceeding
Run‐Off
Scheme
Recognized as
Main
Proceeding
REPORTED
DECISIONS
In re Petition
of Lloyd,
2005 WL
3764946
(Bankr.
SDNY Dec. 7,
2005)
FILED IN U.S.
BANKRUPTCY
COURT FOR
New York
Southern Dist
New York
Southern Dist
New York
Southern Dist
New York
Southern Dist
CASE #
DATE
FILED
06‐11304 8 June
2006
06‐11052 12 May
2006
06‐10461 15 March
2006
05‐60100 11 Nov.
2005
3. What is Chapter 15?
The United States of America formally incorporated the UNCITRAL Model Cross‐Border Insolvency Law 5
virtually intact into its bankruptcy law effective 17 October 2005. 6 In doing so, the United States Congress
took the highly unusual step of creating an entire new chapter of the U.S. Bankruptcy Code ~ replacing former
single section 304 with thirty‐two section Chapter 15.
a. Purpose and Effect of Chapter 15
Chapter 15, like the Model Law it incorporates, was adopted by the United States Congress to ensure greater
certainty and predictability in the outcome of insolvency cases impacting more than one nation. Congress
expressly noted that Chapter 15 was being adopted to demonstrate the United States’ commitment to the
UNCITRAL Model Law and, generally, to cooperation and universalism. 7 True to that intent, the statutory
construction and substantive content of Chapter 15 closely track the UNCITRAL Model Law. Moreover, the
5
UN Commission on International Trade Law (“UNCITRAL”) Model Cross‐Border Insolvency Law, U.N. G.A., 52d
Sess., Supp. No. 17 (A/52/17)(1997) (the “Model Law”).
6 Chapter 15 was added to U.S. law as part of the Bankruptcy Abuse Prevention & Consumer Protection Act of
2005, Pub.L. 109‐8, 112 Stat. 23 (“BAPCPA”). It is embodied in sections 1501 through 1532 of the United States
Bankruptcy Code, which itself is set forth in Title 11 (11 U.S.C. §§ 101 et seq.) of the United States Code.
7
Collier on Bankruptcy (Alan N. Resnick & Henry J. Sommer, eds., Matthew Bender, 15 th ed., rev 2006) 8, para.
1501.02.