Law360, New York ( October 15, 2014, 10:20 AM EDT) -- In a recent Madoff-related decision,[1] the Second Circuit ruled that a bankruptcy court in a Chapter 15 case must conduct an independent review of an asset sale by a foreign liquidator, previously approved by a foreign court. In doing so, the Second Circuit also ruled that the bankruptcy court must perform that independent review as of the date the asset sale comes before the court, and not as of the date the asset sale was agreed by the parties or the date it was approved by the foreign court. Through this decision in the Fairfield case, the Second Circuit appears to expand the role of the bankruptcy court in Chapter 15 cases and aligns, in some respects, with a recent decision of the Delaware bankruptcy court on similar matters....
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