Extract to table

Each element of this definition — that the proceeding be collective, judicial or administrative, in a foreign country, under a law relating to insolvency or adjustment of debt, and involving control or supervision by a foreign court — must be satisfied for the proceeding to qualify for Chapter 15 recognition

" The petition must be filed in a United States Bankruptcy Court

The use of the word "shall" indicates that recognition is mandatory once the statutory prerequisites are met

Upon recognition, the court must determine whether the foreign proceeding is a "foreign main proceeding" or a "foreign nonmain proceeding

The petition must be accompanied by a proposed rehabilitation plan, financial statements, a list of creditors, and other supporting documentation

The rehabilitation plan must subsequently be approved by the requisite majorities of creditors and confirmed by the court