Marks&Sokolov successfully obtained an order granting recognition of a Russian insolvency proceeding in respect of a Russian individual, who owns assets in Manhattan worth over 15 million, under Chapter 15 in the U.S. Bankruptcy Court for the Southern District of New York.
On behalf of its client Marks&Sokolov filed a petition to the U.S. Bankruptcy Court for the Southern District of New York seeking to recognize Russian insolvency proceeding as the main foreign proceeding under Chapter 15 of the U.S. Bankruptcy Code.
The petition was granted by the court, as a result Russian bankruptcy proceeding was recognized as the “main foreign proceeding” that provided Russian bankruptcy trustee with ample weaponry to collect US based assets into the bankruptcy estate.
Acting within the Chapter 15 proceedings, Marks&Sokolov further secured for its client an order from the court freezing debtor’s money in US banks.
