When is a Cayman Islands liquidation not a foreign proceeding?
A Cayman Islands liquidation under Section 92(e) of the Companies Act is not necessarily a foreign proceeding that can be recognised under Chapter 15 of the US Bankruptcy Code, warn Norton Rose Fulbright senior counsel Francisco Vazquez in New York and associate Michael Berthiaume in Dallas, as they examine a recent ruling from the Southern District of New York.
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