Section 1521: Relief That May be Granted Upon Recognition

 

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

Relief That May be Granted Upon Recognition –Section 1521

11 USCS § 1521


(a) Upon recognition of a foreign proceeding, whether main or nonmain, where necessary to effectuate the purpose of this chapter [11 USCS §§ 1501 et seq.] and to protect the assets of the debtor or the interests of the creditors, the court may, at the request of the foreign representative, grant any appropriate relief, including--

   (1) staying the commencement or continuation of an individual action or proceeding concerning the debtor's assets, rights, obligations or liabilities to the extent they have not been stayed under section 1520(a) [11 USCS § 1520(a)];

   (2) staying execution against the debtor's assets to the extent it has not been stayed under section 1520(a) [11 USCS § 1520(a)];

   (3) suspending the right to transfer, encumber or otherwise dispose of any assets of the debtor to the extent this right has not been suspended under section 1520(a) [11 USCS § 1520(a)];

   (4) providing for the examination of witnesses, the taking of evidence or the delivery of information concerning the debtor's assets, affairs, rights, obligations or liabilities;

   (5) entrusting the administration or realization of all or part of the debtor's assets within the territorial jurisdiction of the United States to the foreign representative or another person, including an examiner, authorized by the court;

   (6) extending relief granted under section 1519(a) [11 USCS § 1519(a)]; and

   (7) granting any additional relief that may be available to a trustee, except for relief available under sections 522, 544, 545, 547, 548, 550, and 724(a) [11 USCS §§ 522, 544, 545, 547, 548, 550, and 724(a)].

(b) Upon recognition of a foreign proceeding, whether main or nonmain, the court may, at the request of the foreign representative, entrust the distribution of all or part of the debtor's assets located in the United States to the foreign representative or another person, including an examiner, authorized by the court, provided that the court is satisfied that the interests of creditors in the United States are sufficiently protected.

(c) In granting relief under this section to a representative of a foreign nonmain proceeding, the court must be satisfied that the relief relates to assets that, under the law of the United States, should be administered in the foreign nonmain proceeding or concerns information required in that proceeding.

(d) The court may not enjoin a police or regulatory act of a governmental unit, including a criminal action or proceeding, under this section.

(e) The standards, procedures, and limitations applicable to an injunction shall apply to relief under paragraphs (1), (2), (3), and (6) of subsection (a).

(f) The exercise of rights not subject to the stay arising under section 362(a) [11 USCS § 362(a)] pursuant to paragraph (6), (7), (17), or (27) of section 362(b) [11 USCS § 362(b)] or pursuant to section 362(n) [11 USCS § 362(n)] shall not be stayed by any order of a court or administrative agency in any proceeding under this chapter [11 USCS §§ 1501 et seq.].

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