Cross-Border Insolvency and Restructuring: Recent Trends, Developments and Legal Issues
As the global economic landscape continues to dramatically evolve, issues surrounding cross-border insolvency and restructuring continue to come ever more sharply into focus and importance. In particular, there has been an ever greater trend emerging of court-approved insolvency protocols being utilized to assist in the efficient and effective conduct of cross border insolvencies and restructurings.
In this LIVE Webcast, a seasoned panel of thought leaders brought together by The Knowledge Group will discuss the key recent issues and trends in Cross-Border Insolvency and Restructuring.
Key topics include:
- Cross-Border Restructuring and Insolvency from an Offshore Perspective: An Introduction
- Primary Objectives and Hurdles
- Options Available in Offshore Restructurings and Insolvency
- Jurisdiction Shopping and COMI
- Recent Decisions and Developments
- What Lies Ahead in 2018
Nick Herrod, Of Counsel
Maples and Calder
- Brief introduction.
Daniel Glosband, Founder and Principal
- Condoning “good” COMI shifts: In re Ocean Rig UDW Inc., 570 B.R. 687 (Bankr. S.D.N.Y. 2017)
Nick Herrod, Of Counsel
Maples and Calder
- Rise of alternative venues to effect the restructurings of multi-national groups (have the industry sectors in distress created new opportunities).
- Jurisdiction shopping and CoMI – to create jurisdiction and/or recognition in key jurisdictions.
- The courts of common law jurisdictions (and legislators) promoting a rescue first attitude.
- Court-to-court cooperation and communication – the JIN guidelines and protocols (I will talk about this when discussing the Ocean Rig court to court protocol).
Daniel Glosband, Founder and Principal
- Chapter 15 eligibility requirements: trying to keep the application of Section 109(a) confined to the 2d Circuit. In re Katherine Elizabeth Barnet (Drawbridge
- Special Opportunities Fund, LP v. Katherine Elizabeth Barnet, Foreign Representative), 737 F. 3d 238 (2d Cir. 2013); pending appeals in In re Forge Group Power Pty
- Ltd, USDC, N.D. Cal.; In re MMX Sudeste Mineração S.A., USDC, S.D. Fla.; the National Bankruptcy Conference (NBC) letter proposing a fix.
- Contract termination in Chapter 15: enforce local law – In re Sun Edison, Inc., 577 B.R. 120 (Bankr. S.D.N.Y. 2017); grant comity to foreign proceeding – In re Energy
- Coal S.P.A., Bankr. D. Del. No. 15-12048 (2018)
Inga West, Counsel
- Differences in approach to the application of the UNCITRAL Model Law on Cross Border Insolvency between the US (Chapter 15) and the UK (Cross Border Insolvency Regulations) 2006
- Recent Model Law developments in the UK (Agrokor and the International Bank of Azerbaijan)
- New UNCITRAL Model Law projects
Kenneth Krys, Executive Chairman
- The threshold the court considers when assessing whether liquidators should pursue litigation elsewhere;
- The implications of section 363 of the US Bankruptcy Code on the sale of assets held by an offshore company in the U.S.
- The potential ramifications of section 1521(b) of the US Bankruptcy Code for repatriating asset proceeds
- Developments in recognizing Receivers of segregated portfolio companies
Who Should Attend:
- Attorneys General
- Cross-Border Restructuring Professionals
- Insolvency and Restructuring Advisors
- In-house Counsel
- Finance Professionals
- Other Related/Interested Professionals
Nick provides a wide range of advice on international restructurings, contentious and non-contentious insolvency issues, structured finance and derivatives. In particular, Nick specialises in cross-border insolvency, schemes of arrangement and structuring transactions to mitigate against the risks of insolvency. Nick recently advised the debtors in relation to the ground-breaking Ocean Rig cross-border restructuring implemented through Cayman Islands schemes of arrangement and concurrent chapter 15 proceedings.
Nick joined Maples and Calder in 2015 and has recently been promoted to Of Counsel with effect from June 2017. He previously worked for Allen & Overy LLP in London for 17 years as a cross-border insolvency and restructuring specialist.
Nick provides a wide range of advice on international restructurings, contentious and non-contentious insolvency issues, structured finance and derivatives. In …
A trailblazer in the world of insolvencies and fraud investigations, Ken has successfully chased and recovered in excess of a billion dollars for victims of white collar crime. His diverse experience, including a stint as the head of enforcement for the local financial services regulator, gives him a unique perspective in pursuing assets and untangling the web that can arise from complex offshore structures and limited information. His efforts have resulted in many precedents and new case law in the areas of cross-border recognition, asset recovery and international litigation. Ken frequently speaks at conferences on cross-border matters and is guest lecturer at NYU School of Law on Chapter 15 of the US Bankruptcy Code.
A trailblazer in the world of insolvencies and fraud investigations, Ken has successfully chased and recovered in excess of a …
Dan Glosband retired as an equity partner in Goodwin Procter LLP and is currently Of Counsel. He is a founder and principal of CBInsolvency LLC, which provides expert opinion, consulting, and mediation services in cross-border insolvency matters. His entire career, beginning in 1969, has focused on sophisticated corporate insolvency matters and included the study and reform of international insolvency law.
He first worked on a significant cross-border case in 1983 and has since represented foreign representatives, debtors and counterparties in connection with cross-border insolvency matters; has provided expert testimony to courts in Bermuda, Hong Kong, England and Canada; and has served in leadership, scholarly and legislative development activities including as: an adviser to the American Law Institute’s Transnational Insolvency Project; a founding member of the International Insolvency Institute; head delegate of the International Bar Association to the Working Group on Insolvency Law that produced the UNCITRAL Model Law on Cross-Border Insolvency; head delegate of International Bar Association to the Working Group that produced the UNCITRAL Legislative Guide on Insolvency Law; advisor to the United States Department of State, Office of Legal Advisor, throughout the two UNCITRAL projects and on the drafting of Chapter 15 of the Bankruptcy Code; lead draftsman (with Professor Jay Westbrook of the University of Texas Law School) of the United States adaptation of the UNCITRAL Model Law, Chapter 15 of the United States Bankruptcy Code, Cross-Border and Other Ancillary Cases; conferee of the National Bankruptcy Conference and Chair of the Committee on International Aspects (the Conference is a voluntary, non-profit, self-supporting organization of about sixty-five lawyers, law professors and bankruptcy judges who have achieved scholarly distinction in the field of bankruptcy law whose purpose is to study the operation of bankruptcy and related laws and proposals for their reform; the Committee on International Aspects consults with Congressional staff on issues pertaining to cross-border insolvency and proposes amendments to Chapter 15); faculty member for Chapter 15 portion of International Insolvency Course at several law schools; and author of Chapter 15 portions of Collier on Bankruptcy (16th Edition), Collier International Business Insolvency Guide, and Collier Bankruptcy Practice Guide.
Dan Glosband retired as an equity partner in Goodwin Procter LLP and is currently Of Counsel. He is a founder …
Inga West is an Expertise Counsel in Ashurst's restructuring and special situations group.
Inga advises on complex financial restructurings and insolvencies, in both domestic and cross-border situations. Inga spent ten years as a fee-earner, acting for banks, insolvency practitioners, debtors and directors before turning to specialist professional support work. She has a deep technical knowledge of this area of law, especially English schemes of arrangement and UK and EU cross-border insolvency law. She is a member of the Technical Committee of the Insolvency Lawyers' Association.
Inga joined Ashurst in 2012, having previously worked for CMS.Cameron McKenna LLP for 17 years
Inga West is an Expertise Counsel in Ashurst's restructuring and special situations group. Inga advises on complex financial restructurings and …
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Method of Presentation:
On-demand Webcast; Group-Internet Based
Basic knowledge in cross-border insolvency and restructuring law
NASBA Field of Study:
Business Law - Technical
NY Category of CLE Credit:
Areas of Professional Practice
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About Maples and Calder
Maples and Calder is a leading international law firm advising financial, institutional, business and private clients around the world on the laws of the Cayman Islands, Ireland and the British Virgin Islands ("BVI"). Maples and Calder has offices in the BVI, Cayman Islands, Dubai, Dublin, Hong Kong, London and Singapore.
With a reputation as an innovative, entrepreneurial firm, Maples and Calder is known worldwide as a market leader with highly qualified lawyers who are specialists in their respective practice areas.
Maples and Calder has highly experienced insolvency and restructuring teams in its Cayman Islands, BVI, Hong Kong, London and Dublin offices.
Maples and Calder is recognised as a market leader in consensual and non-consensual restructurings and contentious and non-contentious insolvency proceedings. In light of the contentious nature of much of Maples and Calder's insolvency and restructuring work, there is a significant overlap between its restructuring / insolvency practice and its disputes practice. Given the international nature of the businesses of companies incorporated in the Cayman Islands and BVI, almost all of Maples and Calder's insolvency and restructuring matters have a cross-border element. These cases therefore regularly involve close co-ordination with overseas counsel and Courts in the world's leading business centres. Maples and Calder has extensive experience in dealing with parallel and / or ancillary proceedings in multiple jurisdictions in order to promote the orderly restructuring or wind down of a company group in an economic and expeditious manner.
Established in 1967, Maples and Calder celebrates 50 years of award winning excellence in 2017.
About KRyS Global
Founded in 2007 in the Cayman Islands, KRyS Global is an international asset recovery firm with an expertise in offshore focused fraud investigations, cross-border insolvency and restructurings, and litigation support. The firm has grown to over 50 outstanding professionals working from seven offices worldwide, predominantly situated in offshore financial centres, KRyS Global has built an enviable reputation for timely, proactive and innovative solutions, particularly in situations of uncertainty, leveraging the knowledge and experience of our professionals and incorporating practical common sense in ensuring positive outcomes for our clients.
About CBInsolvency LLC
CBInsolvency LLC (CBI) was founded to help lenders, borrowers, and other parties address the often challenging cross-border aspects of financial distress and default. CBI’s principals understand the issues, complications and language of cross-border insolvency. Their deep knowledge and experience, gained on the bench, in legislative development, mediation, arbitration, consulting, academics and law practice, enable them to:
Analyze and explain the issues and available options in a clear and user-friendly manner
Assist you in resolving cross-border disputes efficiently and effectively
Minimize your risks and maximize your results
Ashurst is a leading international law firm advising corporates, financial institutions and governments, with core businesses in corporate, finance, energy, resources and infrastructure.
Ashurst covers the field in terms of insolvency, turnaround, restructuring and distressed investment legal services. Their lawyers advise on the full spectrum of issues that arise from corporate distress, distressed investing and formal insolvencies. Ashurst advises lenders, debtors, potential purchasers and insolvency officeholders on issues such as directors' duties, due diligence, debt buy-backs, debt trading, litigation, schemes of arrangements and pensions.
Ashurst are especially active in loan portfolio transactions. With a strong European network and a market leading real estate and real estate finance practice (most loan portfolios have comprised distressed debt secured by corporate real estate across Europe). Ashurst has remained at the forefront of this area of the market and very busy on both the buy and sell side of these cross-border transactions.