Extending Extraterritorial Accomodations in Foreign Insolvency Proceedings

The Bankruptcy Reform Act of 1978 (Bankruptcy Code)2 provided a flexible means to achieve an economic and efficient administration of creditors' claims and debtors' assets in foreign insolvency proceedings, while recognizing well-established principles of international law. Moreover, if implemented properly, the Bankruptcy Code provisions can effectively address the increasingly complex issues arising in foreign bankruptcy proceedings.