To restructure a company under the U.S. Bankruptcy Code and the bankruptcy regime of another country, the company’s management and advisors must harmonize the sometimes-conflicting laws and practical approaches of the two jurisdictions. Even insolvency regimes that share common goals and similar legal and practical frameworks nevertheless often address issues differently and employ unique processes. This article highlights some key differences between two apparently compatible regimes—the U.S. Bankruptcy Code and the Canadian CCAA—that can complicate a company’s cross-border reorganization efforts.
Understanding the Rules of the Game
