Expanding Foreign Creditors’ Toolkit: The Presumption Against Extraterritorial Application

Date

2014

Journal Title

Journal ISSN

Volume Title

Publisher

Texas Tech Business & Bankruptcy Law Journal

Abstract

This article discusses the administration of Bernie Madoff’s estate and the trustee’s attempt to commence adversary proceedings against a foreign investor to recover distributions it received from a foreign feeder. The article reviews the congressional intent in limiting extraterritorial application of legislation and whether applying 552(a) in this case would be extraterritorial. The trustee also argues that public policy compels extraterritorial application here. The article finally concludes with the Court’s holding that the trustee did not rebut the presumption against extraterritorial application.

Description

Keywords

Bernie Madoff, Extraterritorial, Bankruptcy, Foreign investors, Congressional intent

Citation

2 Bus. & Bankr. L. J. 83