Page 29 - US Bankruptcy Code Overview

• Interim remedies are available where necessary to protect “the assets of the debtor or the interests of the creditors,” including:
- stay execution against the foreign debtor’s assets;
- entrust the foreign representative to administer the debtor’s assets located in the U.S.;
- suspend the right to transfer, encumber or otherwise dispose of any of the debtor’s assets;
- provide for the examination of witnesses and the taking of evidence concerning the debtor’s assets; and
- grant other relief that is available to the trustee in a domestic bankruptcy proceeding. 11 U.S.C. § 1519.
• Foreign representative in a chapter 15 proceeding does not have the right to commence avoidance actions against creditors.
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