Over the last decade, cross-border trade and investment opportunities have increased, and Georgia stands as a great example of such opportunities. In 2016, businesses in Georgia traded with 223 countries and territories, and international trade exceeded $121 billion, growing 45 percent since 2008. Although the increase in international trade and investment has created more business opportunities, it has also increased the need and importance of coordinated cross-border insolvency proceedings. When companies around the globe become financially distressed, they may need to file an insolvency proceeding in their home country and then seek additional assistance from courts in countries where they have assets or other business connections.
Companies that require such assistance in the U.S. must seek relief in U.S. bankruptcy courts under Chapter 15 of the Bankruptcy Code. This article provides an overview of the objectives, procedures, and beneficial uses of Chapter 15.
