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Japanese comments on the extraterritorial effects of U.S. Chapter 15
Author(s) -
Takagi Shinjiro
Publication year - 2007
Publication title -
international insolvency review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.125
H-Index - 7
eISSN - 1099-1107
pISSN - 1180-0518
DOI - 10.1002/iir.148
Subject(s) - debtor , jurisdiction , bankruptcy , law , section (typography) , subject (documents) , law and economics , political science , economic justice , business , sociology , debt , computer science , creditor , finance , library science , advertising
Abstract As a basic principle, subject to defined exceptions, the effects of a bankruptcy proceeding commenced under Chapter 15 should be restricted to assets of the debtor located within the territorial jurisdiction of the United States. But Section 1528 provides broader exceptions to the above‐mentioned principle than those stated in Article 28 of the UNCITRAL Model Law. Using the Yukos and Maruko cases as illustrations, the author concludes that U.S. judges should exercise their jurisdictional powers conservatively and American courts should be careful not to appear to export their own system of justice abroad. Copyright © 2007 John Wiley & Sons, Ltd.