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11 U.S.C. § 1502 — Purpose and scope of application
Federal law — U.S. Code and appendices · legal_authorities
**(a)** The purpose of this chapter 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 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 does not apply to—
(1) a proceeding concerning an entity, other than a foreign insurance company, identified by exclusion in section 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) and who are citizens of the United States or aliens lawfully a
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Source location: Title 11, Chapter 15, § 1502; chapter-015-ancillary-and-other-cross-border-cases.md
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**(a)** The purpose of this chapter 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 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 does not apply to—
(1) a proceeding concerning an entity, other than a foreign insurance company, identified by exclusion in section 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) 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, a stockbroker subject to subchapter III of chapter 7 of this title, or a commodity broker subject to subchapter IV of chapter 7 of this title.
**(d)** The court may not grant relief under this chapter with respect to any deposit, escrow, trust fund, or other security required or permitted under any applicable State insurance law or regulation for the benefit of claim holders in the United States.
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Federal law — U.S. Code and appendices · legal_authorities
In this title the following definitions shall apply:
(1) The term “accountant” means accountant authorized under applicable law to practice public accounting, and includes professional accounting association, corporation, or partnership, if so authorized.
(2) The term “affiliate” means—
(A) entity that directly or indirectly owns, controls, or holds with power to vote, 20 percent or more of the outstanding voting securities of the debtor, other than an entity that holds such securities—
(i) in a fiduciary or agency capacity without sole discretionary power to vote such securities; or
(ii) solely to secure a debt, if such entity has not in fact exercised such power to vote;
(B) corporation 20 percent or more of whose outstanding voting securities are directly or indirectly owned, controlled, or held with power to vote, by the debtor, or by an entity that directly or indirectly owns, controls, or holds with power to vote, 20 percent or more of the outstanding voting securities of the debtor, other than an entity that holds such securities—
(i) in a fiduciary or agency capacity without sole discretionary power to vote such securities; or
(ii) solely to secure a debt, if such entity has not in fact exercised such power to vote;
(C) person whose business is operated under a lease or operating agreement by a debtor, or person substantially all of whose property is operated under an operating agreement with the debtor; or
(D) entity that operates the business or substantially all of the property of the debtor under a lease or operating agreement.
(3) The term “assisted person” means any person whose debts consist primarily of consumer debts and the value of whose nonexempt property is less than $150,000.11 See Adjustment of Dollar Amounts not
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Federal law — U.S. Code and appendices · legal_authorities
This chapter may be cited as the “Securities Investor Protection Act of 1970”.
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Federal law — U.S. Code and appendices · legal_authorities
Page 325
TITLE 11—BANKRUPTCY
§ 1502
Sec.
SUBCHAPTER III—RECOGNITION OF A FOREIGN
PROCEEDING AND RELIEF
1515.
Application for recognition.
1516.
Presumptions concerning recognition.
1517.
Order granting recognition.
1518.
Subsequent information.
1519.
Relief that may be granted upon filing peti-
tion for recognition.
1520.
Effects of recognition of a foreign main pro-
ceeding.
1521.
Relief that may be granted upon recognition.
1522.
Protection of creditors and other interested
persons.
1523.
Actions to avoid acts detrimental to credi-
tors.
1524.
Intervention by a foreign representative.
SUBCHAPTER IV—COOPERATION WITH FOREIGN
COURTS AND FOREIGN REPRESENTATIVES
1525.
Cooperation and direct communication be-
tween the court and foreign courts or for-
eign representatives.
1526.
Cooperation and direct communication be-
tween the trustee and foreign courts or for-
eign representatives.
1527.
Forms of cooperation.
SUBCHAPTER V—CONCURRENT PROCEEDINGS
1528.
Commencement of a case under this title
after recognition of a foreign main pro-
ceeding.
1529.
Coordination of a case under this title and a
foreign proceeding.
1530.
Coordination of more than 1 foreign pro-
ceeding.
1531.
Presumption of insolvency based on recogni-
tion of a foreign main proceeding.
1532.
Rule of payment in concurrent proceedings.
Editorial Notes
PRIOR PROVISIONS
A prior chapter 15, consisting of sections 1501 to
151326, related to a pilot program for a United States
trustee system, prior to repeal by Pub. L. 99–554, title
II, § 231, Oct. 27, 1986, 100 Stat. 3103.
§ 1501. Purpose and scope of application
(a) The purpose of this chapter is to incor-
porate the Model Law on Cross-Border Insol-
vency so as to provide effective mechanisms for
dealing with cas
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