	Introduction

Chapter 15 of the U.S. Bankruptcy Code, 11 U.S.C. Â§Â§ 1501-1532, was enacted pursuant to the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA). The BAPCPA implemented the Model Law by adding chapter 15 to the Code. Chapter 15 replaced 11 U.S.C. This report summarizes the evolution and content of chapter 15. Although the Europeans did not implement the European Union Regulation on Insolvency until May 2002, their dual-approach of harmonizing international procedures while acknowledging differences in individual nation's substantive laws inspired three other multilateral initiatives to harmonize bankruptcy laws: (1) the American Law Institute (ALI)'s Transnational Insolvency Project, in conjunction with NAFTA; (2) the International Bar Association's Committee J Cross-Border Insolvency Concordat ; and (3) the United Nations Conference on International Trade and Investment's (UNCITRAL's) Model Law of Cross-Border Insolvency. By modifying and expanding Â§Â§ 303-306 of the 1978 Act, chapter 15 continues to focus on the role of the foreign representative and clarifies procedural cooperation in full/main, ancillary, and suspension/dismissal proceedings.
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 added chapter 15 to the U.S. Bankruptcy Code. Chapter 15 implements the United Nations Commission on International Trade and Investment's Model Law on Cross-Border Insolvency. In so doing, chapter 15 (1) retains the Code's focus on the role of the foreign representative, initially introduced in 1978; (2) clarifies procedural cooperation between U.S. and foreign courts; and (3) promotes comity and reciprocity, wherever possible, with respect to the interpretation and application of substantive law. Chapter 15 applies to international bankruptcy cases involving individuals or businesses; however, multinational banks and corporations have had a higher profile. This report summarizes the evolution and the content of chapter 15.
This report was prepared by Georgine Kryda, Law Clerk, under the general supervision of [author name scrubbed], Legislative Attorney.