Section 1501: Purpose and Scope of Application

Title 11 of the United States Code - Bankruptcy ANCILLARY AND OTHER CROSS-BORDER CASES – CHAPTER 15

Purpose and Scope of Application –Section 1501

11 USCS § 1501

(a) The purpose of this chapter [11 USCS §§ 1501 et seq.] is to incorporate the Model Law on Cross-Border Insolvency so as to provide effective mechanisms for dealing with cases of cross-border insolvency with the objectives of--

   (1) cooperation between--

      (A) courts of the United States, United States trustees, trustees, examiners, debtors, and debtors in possession; and

      (B) the courts and other competent authorities of foreign countries involved in cross-border insolvency cases;

   (2) greater legal certainty for trade and investment;

   (3) fair and efficient administration of cross-border insolvencies that protects the interests of all creditors, and other interested entities, including the debtor;

   (4) protection and maximization of the value of the debtor's assets; and

   (5) facilitation of the rescue of financially troubled businesses, thereby protecting investment and preserving employment.

(b) This chapter [11 USCS §§ 1501 et seq.] applies where--

   (1) assistance is sought in the United States by a foreign court or a foreign representative in connection with a foreign proceeding;

   (2) assistance is sought in a foreign country in connection with a case under this title;

   (3) a foreign proceeding and a case under this title with respect to the same debtor are pending concurrently; or

   (4) creditors or other interested persons in a foreign country have an interest in requesting the commencement of, or participating in, a case or proceeding under this title.

(c) This chapter [11 USCS §§ 1501 et seq.] does not apply to--

   (1) a proceeding concerning an entity, other than a foreign insurance company, identified by exclusion in section 109(b) [11 USCS § 109(b)];

   (2) an individual, or to an individual and such individual's spouse, who have debts within the limits specified in section 109(e) [11 USCS § 109(e)] and who are citizens of the United States or aliens lawfully admitted for permanent residence in the United States; or

   (3) an entity subject to a proceeding under the Securities Investor Protection Act of 1970 [15 USCS §§ 78aaa et seq.], a stockbroker subject to subchapter III of chapter 7 of this title [11 USCS §§ 741 et seq.], or a commodity broker subject to subchapter IV of chapter 7 of this title [11 USCS §§ 761 et seq.].

Why page through the US Bankruptcy Code when you can click it? That’s right; Sagaria Law has the complete, unedited version of the code here for the convenience of anyone interested in reviewing it as a bankruptcy resource.  It’s the real thing! The only thing we did was make it easier to “page” through by separating it into sections on our website that you can click through at your own pace.

San Francisco, Roseville, Sacramento and surrounding areas of Northern California, Sagaria Law is here for you…literally! We have bankruptcy offices in each of these cities, and more, to serve bankruptcy clients near and far.  We can’t wait to meet you!

Attorney Consultation!! $99 Retainer Fee!! Free Bankruptcy Evaluation
Motivation Bills Assets Budget
The law varies from state-to-state — please provide your zip code!

Why are you considering bankruptcy? (select all that apply)

Motivation Bills Assets Budget

What bills do you have? (select all that apply)

Motivation Bills Assets Budget
Do you own real estate ?
If Yes , are you behind in these payments?

Do you own an automobile ?
If Yes , are you behind in these payments?

Do you have any additional assets worth more than $1000.00?
Motivation Bills Assets Budget

What types of income do you have? (select all that apply)

Contact Info Your Evaluation

Call For A Consultation

toll free: 1-866-447-8460