Asked by Valeria Martinez on May 18, 2024
Verified
The U.S. Bankruptcy Code does not apply to cross-border (transnational) insolvencies.
Cross-Border Insolvencies
Legal proceedings dealing with the insolvency of debtors who have assets or creditors in more than one country.
U.S. Bankruptcy Code
The federal statute that governs bankruptcy proceedings in the United States, facilitating the reorganization or liquidation of debtors' assets.
- Analyze the intricacies of international commercial contracts and dispute resolution mechanisms.
Verified Answer
KS
Krishnagopal SarkarMay 24, 2024
Final Answer :
False
Explanation :
The U.S. Bankruptcy Code includes Chapter 15, specifically designed to deal with cross-border insolvency cases, facilitating cooperation between U.S. courts and parties of interest with those of other countries involved in the insolvency.
Learning Objectives
- Analyze the intricacies of international commercial contracts and dispute resolution mechanisms.
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