11 U.S.C. § 1501 : US Code - Section 1501: Purpose and scope of application

Search 11 U.S.C. § 1501 : US Code - Section 1501: Purpose and scope of application

(a) The purpose of this chapter is to incorporate the Model Law
on Cross-Border Insolvency so as to provide effective mechanisms
for dealing with cases of cross-border insolvency with the
objectives of -
(1) cooperation between -
(A) courts of the United States, United States trustees,
trustees, examiners, debtors, and debtors in possession; and
(B) the courts and other competent authorities of foreign
countries involved in cross-border insolvency cases;
(2) greater legal certainty for trade and investment;
(3) fair and efficient administration of cross-border
insolvencies that protects the interests of all creditors, and
other interested entities, including the debtor;
(4) protection and maximization of the value of the debtor's
assets; and
(5) facilitation of the rescue of financially troubled
businesses, thereby protecting investment and preserving
employment.
(b) This chapter applies where -
(1) assistance is sought in the United States by a foreign
court or a foreign representative in connection with a foreign
proceeding;
(2) assistance is sought in a foreign country in connection
with a case under this title;
(3) a foreign proceeding and a case under this title with
respect to the same debtor are pending concurrently; or
(4) creditors or other interested persons in a foreign country
have an interest in requesting the commencement of, or
participating in, a case or proceeding under this title.
(c) This chapter does not apply to -
(1) a proceeding concerning an entity, other than a foreign
insurance company, identified by exclusion in section 109(b);
(2) an individual, or to an individual and such individual's
spouse, who have debts within the limits specified in section
109(e) and who are citizens of the United States or aliens
lawfully admitted for permanent residence in the United States;
or
(3) an entity subject to a proceeding under the Securities
Investor Protection Act of 1970, a stockbroker subject to
subchapter III of chapter 7 of this title, or a commodity broker
subject to subchapter IV of chapter 7 of this title.
(d) The court may not grant relief under this chapter with
respect to any deposit, escrow, trust fund, or other security
required or permitted under any applicable State insurance law or
regulation for the benefit of claim holders in the United States.