11-U.S.C.-1519
§1519 – Relief That May Be Granted Upon Filing Petition For Recognition
Pathway
Title 11 > Chapter 15 > Subchapter III > Section 1519
Details
- Reference: Section 1519
- Legend: §1519 – Relief That May Be Granted Upon Filing Petition For Recognition
- USCode Year: 2013
Provision Content
(a) From the time of filing a petition for recognition until the court rules on the petition, the court may, at the request of the foreign representative, where relief is urgently needed to protect the assets of the debtor or the interests of the creditors, grant relief of a provisional nature, including—
(1) staying execution against the debtors assets;
(2) entrusting the administration or realization of all or part of the debtors assets located in the United States to the foreign representative or another person authorized by the court, including an examiner, in order to protect and preserve the value of assets that, by their nature or because of other circumstances, are perishable, susceptible to devaluation or otherwise in jeopardy; and
(3) any relief referred to in paragraph (3), (4), or (7) of section 1521(a).
(b) Unless extended under section 1521(a)(6), the relief granted under this section terminates when the petition for recognition is granted.
(c) It is a ground for denial of relief under this section that such relief would interfere with the administration of a foreign main proceeding.
(d) The court may not enjoin a police or regulatory act of a governmental unit, including a criminal action or proceeding, under this section.
(e) The standards, procedures, and limitations applicable to an injunction shall apply to relief under this section.
(f) The exercise of rights not subject to the stay arising under section 362(a) pursuant to paragraph (6), (7), (17), or (27) of section 362(b) or pursuant to section 362(o) shall not be stayed by any order of a court or administrative agency in any proceeding under this chapter.
(Added Pub. L. 109–8, title VIII, §801(a), Apr. 20, 2005, 119 Stat. 140; amended Pub. L. 111–327, §2(a)(46), Dec. 22, 2010, 124 Stat. 3562.)
Amendments
2010—Subsec. (f). Pub. L. 111–327 substituted 362(o) for 362(n).
U.S. Encyclopedia of Law Coverage
11-U.S.C.-1514 in the Legal Encyclopedia: Bankruptcy
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11-U.S.C.-112 in the Legal Encyclopedia: Bankruptcy Cross Border Cases
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