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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 http://globalinsolvency.com/sites/globalinsolvency.com/files/2_2.pdf.

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.
See http://globalinsolvency.com/sites/globalinsolvency.com/files/5_1.pdf

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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