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Abstract: Because financial distress often extends beyond national borders in today’s globalised economy, one may expect to see convergence in the various national legal systems that address financial distress. However, this chapter shows that in times of financial crisis, there are still many opportunities for a foreign debtor and its creditors to obtain an outcome centred on United States law and procedure. This is particularly true for large corporate debtors, and this trend has held even during the most recent financial difficulties caused by the COVID-19 pandemic. Thus, although bankruptcy law in the United States does have components that may promote convergence, such as chapter 15 of the U.S. Bankruptcy Code, substantive convergence of United States bankruptcy law to conform with the laws of other jurisdictions still seems unlikely.
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