Second Octaviar Chapter 15 Petition Clears Hurdle

On June 19, 2014 the bankruptcy court issued an order granting the Octaviar foreign representatives’ second petition for recognition, this time finding that Octaviar in fact had two kinds of “property in the United States” within the meaning of section 109(a): causes of action against U.S. defendants and retainer funds held in a U.S. account by its counsel2. Whether the Second Circuit was right to apply section 109(a) is debatable, but the bankruptcy court decision confirms that application of section 109(a) creates only a minor impediment to recognition
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