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Article: The international scene
- Article from:
- American Bankruptcy Institute Journal
- Article date:
- February 1, 2001
- Author:
CopyrightCopyright American Bankruptcy Institute Feb 2001. Provided by ProQuest LLC. (Hide copyright information)
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Granted in Relief Granted in Russian Bank Case
Recently, a U.S. bankruptcy court granted a permanent injunction and order pursuant to 11 U.S.C. 304 that gave assistance to a Russian bank reorganization. The ruling represents the first time a bankruptcy court in the United States has given its assistance to the reorganization of a Russian bank. Many international law experts have hailed the ruling as an important event in the recognition of Russia's effort to reform its legal and financial systems.
The injunction, granted by Judge Prudence Beatty of the U.S. Bankruptcy Court for the Southern District of New York, prohibits creditors of Rossiyskiy Kredit Bank (RKB) from initiating lawsuits ...