Cross-Border Insolvency

Economic globalization and greater financial interaction among businesses, financial institutions and investors across multiple jurisdictions requires the ability to handle cross-border insolvency issues. We routinely represent stakeholders in complex international restructuring transactions, cross-border insolvency proceedings and related asset recovery litigation. Additionally, our team possesses foreign language capabilities and a strong network of qualified insolvency counsel in countries worldwide.

<< Bankruptcy & Corporate Restructuring

Jacob S. Frumkin
Member

jfrumkin@coleschotz.com Download vCard

TEL: 646-563-8944
FAX: 646-563-7944
Norman L. Pernick
Member

npernick@coleschotz.com Download vCard

TEL: 302-651-2000
MOBILE: 302-540-1125
FAX: 302-574-2100
Michael D. Sirota
Co-Managing Shareholder

msirota@coleschotz.com Download vCard

TEL: 201-525-6262
MOBILE: 201-637-4890
FAX: 201-678-6262
Warren A. Usatine
Co-Managing Shareholder

wusatine@coleschotz.com Download vCard

TEL: 201-525-6233
MOBILE: 201-755-1532
FAX: 201-678-6233

Cross-Border Insolvency Representative Matters

Our cross-border experience includes:

Hanjin Shipping Co., Ltd. (Bankr. D.N.J.)
- Counsel to foreign representative in chapter 15 case of South Korean shipping company

Irish Bank Resolution Corporation Limited (Bankr. D. Del.)
- Counsel to foreign representative in chapter 15 case of Irish bank

Wimbledon Fund, SPC Class TT (9th Cir.)
- Counsel to Cayman Islands hedge fund in fraudulent transfer litigation

Qimonda AG (Bankr. E.D. Va.)
- Special litigation counsel to insolvency administrator in chapter 15 case of German semiconductor manufacturer

Caledonian Bank Ltd. (Bankr. S.D.N.Y.)
- Counsel to various depositors/creditors in chapter 15 case of Cayman Islands bank

Grand Prix Associates, Inc. (Bankr. D.N.J.)
- Counsel to foreign representative in chapter 15 case of British Virgin Islands private equity investor

Starlight Investments Limited (Bankr. S.D.N.Y.)
- Counsel to joint liquidators in chapter 15 case of U.K. property investor and developer

Barzel Industries Inc., et al. (Bankr. D. Del.)
- Counsel for the debtors

DB Holdings Liquidation, Inc. (f/k/a DirectBuy Holdings, Inc.), et al. (Bankr. D. Del.)
- Counsel for the debtors

Cadence Innovation LLC, et al. (Bankr. D. Del.)
- Counsel for the debtors

Fedders North America, Inc. (Bankr. D. Del.)
- Counsel for the debtors

Brookstone Holdings Corp., et al. (Bankr. D. Del.)
- Counsel for the stalking horse plan of reorganization sponsor

MCG Limited Partnershp (f/k/a Monitor Company Group Limited Partnership), et al. (Bankr. D. Del.)
- Counsel for the official committee of unsecured creditors

Pre-petition and DIP lenders to numerous U.S. borrowers with assets, subsidiaries and/or operations overseas

Cole Schotz Called on to Protect US Business Operations of Hanjin Shipping

The Foreign Representative of Hanjin Shipping Co., Ltd., one of the world's largest container shipping companies, retained Cole Schotz to assist with seeking recognition in the United States of Hanjin’s South Korean receivership proceeding under Chapter 15 of the United States Bankruptcy Code. Hanjin’s U.S. filing came just a few days after it filed for court receivership in South Korea. Cole Schotz secured a provisional order barring interference with Hanjin’s business operations in the United States. Significantly, as a result of our efforts and the US Bankruptcy Court’s provisional order, all of Hanjin’s vessels bound for the US were allowed to enter US territory without fear of arrest or seizure.

Ultimately, Cole Schotz obtained final recognition of Hanjin’s Korean insolvency proceeding pursuant to Chapter 15 of the Bankruptcy Code, over the objections of numerous parties. The decision by John K. Sherwood, presiding Bankruptcy Judge, formally brings Hanjin under the protection of U.S. bankruptcy law.

The Cole Schotz team was led by Ilana Volkov, Edward Kiel and Jacob Frumkin.