Restructuring
Without Borders

When a company’s insolvency spans multiple countries, Chapter 15 of the U.S. Bankruptcy Code provides the framework for recognizing foreign insolvency proceedings and protecting a debtor’s U.S. assets and operations. Restructuring Without Borders is a practical insight series from Troutman Pepper Locke’s Bankruptcy + Restructuring attorneys examining Chapter 15 and the strategies, risks, and procedural considerations that shape cross-border restructurings.

Drawing on recent cases and market developments, contributors from our U.S. and UK offices examine key cross-border restructuring concepts, including foreign main and non-main proceedings, the stay upon recognition, the UNCITRAL Model Law on Cross-Border Insolvency (as enacted in Chapter 15), creditor interests, comity, and center of main interests (COMI) determinations. The series also explores UK restructuring tools that frequently serve as the foundation for cross-border solutions, including the Part 26A restructuring plan under the Companies Act 2006 and its cross-class cram down mechanism, the Part A1 statutory moratorium under the Insolvency Act 1986, and the treatment of debt governed by English law.

By offering perspectives from both sides of the Atlantic, Troutman’s Bankruptcy + Restructuring attorneys analyze how recognition strategies, forum selection, and creditor dynamics influence outcomes in complex, multijurisdictional restructurings. We created this resource to provide insolvency professionals, lenders, directors and officers, foreign representatives, and other stakeholders with a practical roadmap for planning, implementing, and defending cross-border restructurings.