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.

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