Section 304 - Cases Ancillary to Foreign Proceedings

Title 11 of the United States Code - BankruptcyCASE ADMINISTRATION – CHAPTER 3

Cases Ancillary to Foreign Proceedings - Section 304

11 USCS § 304

(a) A case ancillary to a foreign proceeding is commenced by the filing with the bankruptcy court of a petition under this section by a foreign representative.

(b) Subject to the provisions of subsection

(c) of this section, if a party in interest does not timely controvert the petition, or after trial, the court may -

          (1) enjoin the commencement or continuation of - (A) any action against - (i) a debtor with respect to property involved in such foreign proceeding; or (ii) such property; or (B) the enforcement of any judgment against the debtor with respect to such property, or any act or the commencement or continuation of any judicial proceeding to create or enforce a lien against the property of such estate;

         (2) order turnover of the property of such estate, or the proceeds of such property, to such foreign representative; or

         (3) order other appropriate relief.

(c) In determining whether to grant relief under subsection (b) of this section, the court shall be guided by what will best assure an economical and expeditious administration of such estate, consistent with -

          (1) just treatment of all holders of claims against or interests in such estate;

          (2) protection of claim holders in the United States against prejudice and inconvenience in the processing of claims in such foreign proceeding;

          (3) prevention of preferential or fraudulent dispositions of property of such estate;

          (4) distribution of proceeds of such estate substantially in accordance with the order prescribed by this title;

          (5) comity; and

          (6) if appropriate, the provision of an opportunity for a fresh start for the individual that such foreign proceeding concerns.

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