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Avoiding Foreign Transfers Based on Foreign Law Claims: Fairfield Sentry Cases Illustrate Broad Scope of Safe Harbor in Chapter 15 | Weil, Gotshal & Manges LLP


Fairfield Sentry IV
3 provide insight into, among other things, the interplay between the safe harbor provision of section 546(e)
4 of the Bankruptcy Code (the “Safe Harbor”) and chapter 15. Relying on section 561(d)
5 of the Bankruptcy Code, which makes the Safe Harbor applicable to chapter 15 cases “to limit avoidance powers to the same extent as in a proceeding under chapter 7 or 11,” the court extended the Safe Harbor to bar the avoidance of certain foreign transactions based on foreign law claims which resembled preference claims under section 547(b)
6 of the Bankruptcy Code and constructive fraudulent transfer claims under state and federal law. However, when the defendants attempted to use the Safe Harbor to bar certain constructive trust claims under foreign law, the court did not agree, finding that the constructive trust claims proceeded on different theories and different proof than the preference and constructive fraudulent transfer clai ....

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UPDATE: Fairfield Sentry Revisited: Beyond the rhetoric of approach, US safe harbor provisions continue to apply to analogous foreign avoidance claims | Dentons


In March 2021, Dentons published, “
Fairfield Sentry:
A look into the application of the US safe harbor provisions and the Hague Convention to foreign claims,” (available here) which examined the December 14, 2020 memorandum decision issued by now-retired Judge Stuart Bernstein of the US Bankruptcy Court for the Southern District of New York (the “Court”) in
In re Fairfield Sentry Ltd. (the “
Fairfield Sentry Decision”).
1 Specifically, the Court (as such, the “
Fairfield Sentry Court”) held that the safe harbor provisions of the US Bankruptcy Code apply in chapter 15 cases to bar foreign law avoidance claims arising under BVI law to the extent they are analogous to the categories of US avoidance claims which are exempted as safe-harbored. ....

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U.S. Supreme Court Declines Review of Landmark Tribune Safe Harbor Ruling | Jones Day


To embed, copy and paste the code into your website or blog:
On April 19, 2021, the U.S. Supreme Court declined to hear the appeal of a landmark 2019 decision issued by the U.S. Court of Appeals for the Second Circuit regarding the applicability of the Bankruptcy Code s safe harbor for certain securities, commodity, or forward contract payments to prevent the avoidance in bankruptcy of $8.3 billion in payments made to the shareholders of Tribune Co. as part of its 2007 leveraged buyout ( LBO ).
In its 2019 ruling, the Second Circuit reaffirmed an earlier decision that creditors state law fraudulent transfer claims arising from the LBO were preempted by the safe harbor set forth in section 546(e) of the Bankruptcy Code. ....

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