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The British may have earned a reputation for being sticklers as opposed to their sometimes more freewheeling American counterparts, but for third-party releases in bankruptcy proceedings, it’s the Brits who can now claim to have more flexibility.

That distinction became much more significant to bankruptcy practitioners after a recent opinion issued on April 9 by a U.S. Bankruptcy Court in the Southern District of New York. The ruling set a legal precedent that could lead to more work for law firms with transatlantic bankruptcy practices.

In the 26-page opinion written by U.S. Bankruptcy Judge Martin Glenn, a federal court recognized U.K. court-sanctioned releases provided by affiliates of Avanti Communications Group plc. The London-based satellite service company is being represented as a debtor in U.S. courts by Milbank, Tweed, Hadley and McCloy financial restructuring partner Peter Newman.

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Miriam Rozen

Miriam Rozen covers the business of law and focuses on how lawyers preserve and expand their client roster. Contact her at [email protected] Twitter: @MiriamRozen.

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