Marks&Sokolov successfully obtained an order granting recognition of the Russian “Vneshprombank” Ltd. insolvency proceeding under Chapter 15 in the U.S. Bankruptcy Court for the Southern District of New York.
Marks&Sokolov represents Russian bank “Vneshprombank” Ltd. that was declared bankrupt in spring 2016. The bank is now undergoing bankruptcy procedure under Russian bankruptcy laws.
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.
Marks&Sokolov also asked the court to provide other relief in aid of the proceeding within the territory of the U.S.
The petition was granted by the court, as a result Russian bankruptcy proceeding was recognized as the “main foreign proceeding” and the bank received protection under the U.S. laws and a chance to use other relief provided by the U.S. Bankruptcy Code.