U.S. creditors seek to recover assets from Canadian firm
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Where U.S. creditors seek to recover assets from a company with property in both the U.S. and Canada, must the U.S. District Court for the Western District of New York recognize and enforce the earlier implied ruling (on ownership) of the Canadian court? Sorting through the facts and refining the questions in In re Petition of KPMG, Inc., as Interim Receiver and Foreign Representative of Euro United Corp., U.S. Bankruptcy Judge Michael J. Kaplan reviewed the law pertinent to cases ancillary to foreign proceedings as set forth in 11 U.S.C. [section] 304, in light of the 1992 decision by the Second Circuit Court of Appeals in In re Koreag, Controle et Revision S.A., 961 F2d 341. In so doing, Judge Kaplan determined that a de novo determination of Source : accessmylibrary.com |