This intriguing Article by Thiago Braga Junqueira argues that variations in the voting requirements between domestic and foreign bankruptcy regimes should not prevent an American bankruptcy court from giving deference to foreign courts' confirmations of plans of reorganization. While the U.S. Bankruptcy Code has endorsed a supermajority threshold for a chapter 11 plan to be consensually confirmed, many foreign bankruptcy regimes have lower thresholds. The author persuasively contends that deference to a foreign main proceeding is consistent with the goals and purposes of the Modern Law on Cross-Border Insolvency and chapter 15. The Article concludes by calling for comity and deference when a foreign plan is confirmed at less than the American supermajority threshold.
Thiago B. Junqueira,
The Enforcement of Consensual Foreign Plans of Reorganization in Chapter 15,
Emory Bankr. Dev. J.
Available at: https://scholarlycommons.law.emory.edu/ebdj/vol35/iss1/6