If one looks for bankruptcy statistics as far as Chapter 15 filings go, he or she may find that this search takes longer than expected. As statistics on bankruptcy would indicate, Chapter 15 filings are pretty rare, with less than 100 petitions submitted annually. On top of this, Chapter 15 has only been on the books since 2005. Plus, since statistics on bankruptcy are usually gathered and relayed to Federal agencies by each individual circuit court, there may be inherent delays in the compilation of this data.
Thus, depending on the specificity of one’s search, the Chapter 15 bankruptcy statistics one is looking for may not be accessible at all. Of course, if we expand the parameters of our inquiry to include past statistics on bankruptcy in the vein of Chapter 15, we may better be able to evaluate trends in cross-border insolvency.
Some notes on statistical happenings with regard to international bankruptcy:
Bankruptcy statistics on Chapter 15 are difficult to uncover, but there are logical things to keep in mind. First of all, the U.S. Census collects data on all public services that are funded at the taxpayers’ expense. Such is the nature of bankruptcy court.
Chapter 15 bankruptcy statistics began to be calculated by the Census after its authorization via the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) of 2005. Compared to the Section 304 numbers in 2005, the most recent Chapter 15 bankruptcy statistics may be a good sign, as the amount of petitions has basically been cut in half. However, some debtors may feel that the new provisions under Chapter 15 affected by the BAPCPA are too restrictive. Additionally, on the average these statistics on bankruptcy are higher than in past years.
In contrast with current values that number in the 40s and 50s, total filings throughout the 1990s hovered between the 10s, 20s and 30s.
