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Third party releases (3PRs) have long been a feature of restructuring processes in key international restructuring centres including England, Singapore and the United States. However, recent court decisions in all three jurisdictions have brought renewed scrutiny to the circumstances in which such releases can be granted and their permissible scope.
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Third party releases (3PRs) have long been a feature of restructuring processes in key international restructuring centres including England, Singapore and the United States. However, recent court decisions in all three jurisdictions have brought renewed scrutiny to the circumstances in which such releases can be granted and their permissible scope.
In this article, members of our cross-practice Bankruptcy and Restructuring team examine the evolving treatment of 3PRs across these leading restructuring markets and consider whether differences in approach may encourage companies to seek advantage through forum selection. The article also explores the growing importance of Chapter 15 recognition proceedings in the United States and the extent to which foreign court-approved releases may be recognised and enforced by US courts.
The content of this article is intended to provide a general guide
to the subject matter. Specialist advice should be sought about your
specific circumstances.
