Monday, July 30, 2012

"BTA Bank" JSC: Chapter 30

Kazakhstan's "BTA Bank" JSC has sought protection under chapter 15 of the Bankruptcy Code for a second time.  The bank's Verified Petition can be viewed online for free, courtesy of Global Insolvency at

On July 16, 2012, the debtor sought to schedule a hearing on August 16, 2012 or as soon thereafter as the calendar of the United States Bankruptcy Court for the Southern District of New York permits.

While chapter 15 filings have increased ever since Fairfield Sentry Limited succeeded in obtaining recognition two years ago - heralding a new dawn for cross-border recognition in Manhattan - a chapter 30 (i.e. two chapter 15s) is extraordinary.  

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