Foreign Representative Successfully Recovers Canadian Debtor's U.S.-Based Assets in Chapter 15 Proceeding

North America - United States | North America | North America - Canada | United States - Illinois

A Canadian insolvency trustee successfully filed a Chapter 15 bankruptcy proceeding in the U.S. Bankruptcy Court for the Northern District of Illinois against a Canadian corporation undergoing a main insolvency proceeding in Canada. Faegre Baker Daniels served as lead counsel to the trustee in the proceeding, which resulted in the Court recognizing the Canadian proceeding and ordering the transfer of all of the debtor’s U.S.-based assets to the trustee for the administration and ultimate distribution to the debtor’s international creditor body.

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