At the Crossroads Between Bankruptcy and Aviation: The Proposed Bankruptcy Venue Reform and the Imperilment of Foreign Airlines’ Availment to U.S. Bankruptcy Courts Under Chapter 11
نویسندگان
چکیده
The COVID-19 pandemic has wreaked havoc on several of the nation’s industries, aviation being no stranger given financial difficulties, flight cancellations, and health mandates sector consequently faced. Despite concerns that a wave bankruptcy filings would submerge U.S. courts, domestic need for restructuring did not arise as predicted, main reason federal assistance provided to enterprises in peril. On contrary, foreign debtor airlines were ones avail themselves experience efficiency magnet districts under Chapter 11 Bankruptcy Code. Simultaneously, large corporations sought New York Delaware restructure quite far from their home districts. This phenomenon, known forum shopping, revived spirit congressional reform; proponents condemn shopping undermining fairness integrity system overall. Thus, Congress introduced bill reform venue ultimately put an end shopping. Comment critically analyzes arguments by reform—arguing favor “race bottom” theory condemns practice shopping—as compared with opponents reform—perceiving current status quo racing debtors top having offer expertise, efficiency, predictability entities restructuring. In siding top” theorists, this further explains danger reforming could have under- mining United States’ position golden standard restructuring, forcing courts Kingdom (U.K.) or Singapore are progressively becoming hotspots. Proposed alternatives include remedies limiting protect reputation preserve rights creditors.
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ژورنال
عنوان ژورنال: Journal of Air Law and Commerce
سال: 2022
ISSN: ['0021-8642']
DOI: https://doi.org/10.25172/jalc.87.3.9