The Bankruptcy Reform Act of 1978 (Bankruptcy Code)2 provided a flexible means to achieve an economic and efficient administration of creditors' claims and debtors' assets in foreign insolvency proceedings, while recognizing well-established principles of international law. Moreover, if implemented properly, the Bankruptcy Code provisions can effectively address the increasingly complex issues arising in foreign bankruptcy proceedings.
Wielebinski, Joseph J.
"Extending Extraterritorial Accomodations in Foreign Insolvency Proceedings,"
Syracuse Journal of International Law and Commerce:
1, Article 3.
Available at: http://surface.syr.edu/jilc/vol14/iss1/3