11 U.S. Code § 1501 - Purpose and scope of application
prev | next
(a) The purpose of this chapter is to incorporate the Model Law on Cross-Border Insolvency so as to provide effective mechanisms for dealing with cases of cross-border insolvency with the objectives of—
(1) cooperation between—
(A) courts of the United States, United States trustees, trustees, examiners, debtors, and debtors in possession; and
(3) fair and efficient administration of cross-border insolvencies that protects the interests of all creditors, and other interested entities, including the debtor;
(b) This chapter applies where—
(1) assistance is sought in the United States by a foreign court or a foreign representative in connection with a foreign proceeding;
(3) a foreign proceeding and a case under this title with respect to the same debtor are pending concurrently; or
(c) This chapter does not apply to—
(1) a proceeding concerning an entity, other than a foreign insurance company, identified by exclusion in section 109 (b);
(2) an individual, or to an individual and such individual’s spouse, who have debts within the limits specified in section 109 (e) and who are citizens of the United States or aliens lawfully admitted for permanent residence in the United States; or
Source(Added Pub. L. 109–8, title VIII, § 801(a),Apr. 20, 2005, 119 Stat. 135.)
References in Text
The Securities Investor Protection Act of 1970, referred to in subsec. (c)(3), is Pub. L. 91–598, Dec. 30, 1970, 84 Stat. 1636, as amended, which is classified generally to chapter 2B–1 (§ 78aaa et seq.) of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see section 78aaa of Title 15 and Tables.
A prior section 1501,Pub. L. 95–598, Nov. 6, 1978, 92 Stat. 2652, related to applicability of chapter which provided a pilot program for a United States trustee system, prior to repeal by Pub. L. 99–554, title II, § 231,Oct. 27, 1986, 100 Stat. 3103.
LII has no control over and does not endorse any external Internet site that contains links to or references LII.