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2021 Stroock Bankruptcy Guide

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230 nonmain. 11 U.S.C. § 1521. Certain of these mirror those forms of relief available at the time of filing of the petition for recognition. However, the threshold for granting such relief is lower once recognition has been granted in that there must only be a need for such relief and not an urgent need. Relief under Section 1521 (and Section 1519, discussed above), however, may only be granted, modified or terminated if the interests of interested parties, including the debtor and creditors, are sufficiently protected. 11 U.S.C. § 1522(a). Furthermore, the court can condition the granting of such relief as it deems appropriate. 11 U.S.C. § 1522(b). Notably, Chapter 15 does not permit a foreign representative to use the avoidance provisions of the Bankruptcy Code to avoid certain liens, preferential payments and fraudulent transfers. 11 U.S.C.§ 1521(f). Courts have held, however, that Section 1521(f) does not bar a foreign representative from suing to recover fraudulent conveyances under applicable foreign or U.S. State law. See Fogerty v. Petroquest Res., Inc. (In re Condor Ins. Ltd.), 601 F.3d 319 (5th Cir. 2010); Laspro Consultores LTDA v. Alinia Corp., 567 B.R. 212 (Bankr. S.D.Fla. 2017). A foreign representative may nevertheless be barred evenfrom prosecuting foreign law avoidance claims by the "safe harbor" provisions of Section 546, which protect from avoidance certain settlement trans-actions involving financial institutions. See Fairfield Sentry Ltd. Theodor GGC Amsterdam (In re Fair-field Sentry Ltd.), 2020 WL 7345988 (Bankr. S.D.N.Y. Dec. 14, 2020), motion for reconsideration denied, 2021 WL 771677 (Bankr. S.D.N.Y. Feb. 23, 2021) (dismissing foreign representative's foreign law avoidance claims as barred by Section 546). Finally, Section 1507 provides the bankruptcy court with a catch-all provision that permits it to grant additional assistance (beyond the forms of relief specified in other Sections of Chapter 15) under either the Bankruptcy Code or other U.S. laws. There are a number of elements that must be met first, however, including that such relief is consistent with the principles of

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