We’ve blogged about professional translation and interpreter services and legal translation solutions for multilingual litigation in the context of international insolvency law. While economies across the globe continue to struggle, many offshore hedge funds are now finding themselves in need of or being brought into insolvency proceedings. Their liquidators have already filed Chapter 15 petitions for relief in the U.S. Bankruptcy courts. Because of the nature of an offshore hedge fund – being based in a foreign country – these insolvency proceedings occur under the rules and laws of the foreign jurisdiction. This, of course, creates the need for an accurate foreign language translation and an English translation of the code, court papers and other legal documents.
The need for a foreign language translation in a foreign insolvency proceeding is particularly important due to the fact-intensive nature required when seeking recognition of the proceedings under Chapter 15 of the U.S. Bankruptcy Code. In any cross-border insolvency matter involving hedge funds, careful and precise planning must be taken. This essentially means navigating between two legal systems – the U.S. Bankruptcy Code and the foreign jurisdiction’s insolvency proceedings.
When dealing with two separate legal systems, legal and financial translations from a foreign language into English, and legal and financial translations from English into a foreign language will be needed. Not only will the foreign jurisdiction’s decisions and filings require a foreign language translation, but more often than not the decisions of the U.S. Bankruptcy Court and other legal documents will need to undergo a foreign language translation for filing within the foreign jurisdiction where the hedge fund is located.
To read our language translation blog post “Language Translation, Translation Experts, and the Share Pledge Agreement Translation”, click here. And to read our language translation blog “Court Translations, Legal Online Translation and Legal Translation Services for Foreign Receivers, Foreign Representatives and Foreign Insolvency Proceedings”, click here.