An Empirical Study of the Implementation in the United States of the Model Law on Cross Border Insolvency

International insolvency proceedings uniquely require coordination among a number of national courts to preserve the value of multinational corporations that have become financially distressed. The Model Law on Cross-Border Insolvency provides a structure for recognition of foreign insolvency proceedings and the granting of needed relief in aid of foreign courts. This article reports data from an empirical study of all of the cases filed in the United States under the Model Law, Chapter 15 of the Bankruptcy Code. Among other things, the data refute the notion that the United States is not welcoming to foreign petitioners; on the contrary, the overwhelming majority of petitions have led to relief for the foreign petitioners, although the reception of petitions from "letter box" jurisdictions has been less friendly. The article also provides an analytical review of aspects of the American case law under the Model Law.