Chapter 15 of the United States Bankruptcy Code codifies a comprehensive framework through which representatives in corporate insolvency proceedings outside the U.S. can obtain access to the United States courts.

Effective October 17, 2005, Chapter 15 replaces Bankruptcy Code Section 304. Chapter 15 is much broader and more detailed than Section 304.

Chapter 15 is based on the Model Law on Cross-Border Insolvency promulgated by the United Nations Commission for International Trade Law (UNCITRAL). Legislation based on the UNCITRAL Model Law on Cross-Border Insolvency has also been adopted in Eritrea, Japan (2000), Mexico (2000), Poland, Romania (2003), South Africa (2000), and within Serbia and Montenegro, Montenegro (2002).

"[T]he enactment of the UNCITRAL Model Law on Cross-Border Insolvency is a significant change to the Bankruptcy Code that may greatly impact the global economy. If successful, this new experiment in globalization may save jobs and create greater certainty in the international financial market. If unsuccessful, the law could create confusion and chaos as courts worldwide compete with one another across international boundaries for large multinational bankruptcy cases," Dechert LLP's Bankruptcy and Corporate Recovery and Insolvency practice group advised its clients in an April 2005 Special Alert.