Appointment An insolvency practitioner (IP) is appointed only in respect of some types of insolvency proceedings. In out-of-court and Chapter 11 bankruptcy matters, the company’s management with the assistance of insolvency counsel and financial professionals administer the case. Similarly in Chapter 7 bankruptcy matters, a court-appointed trustee administers the case.

Appointment It is necessary to appoint an IP to all types of proceedings. In Mexico there are three different types of IPs, namely auditor (visitador), mediator (conciliador) and trustee or receiver (síndico). Each one is appointed to a specific assignment depending on the particular stage of that insolvency procedure.

Practitioners undertake various statutory, court, or private appointments pursuant to Federal or Provincial legislation. Bankruptcy and Insolvency Act (BIA) • Trustee in Bankruptcy – to administer the realization of the debtor’s assets for the benefit of creditors; • Trustee under a Proposal of a plan of compromise to creditors – to monitor the business and financial affairs of the debtor, advise and participate in the preparation of the proposal, and report to the Court and the creditors; • Interim Receiver – to take control of company’s assets for protection following the filing of an appl

The legislation governing insolvency in Bermuda is the Companies Act 1981. This Act is supplemented by rules and procedures set out in the Companies (Winding-Up Rules) 1982. This act governs the liquidation or winding-up procedures of companies in Bermuda. There is additional legislation pertaining to the winding up of financial institutions. Personal bankruptcy is an infrequent occurrence and relates to the insolvency of individuals pursuant to the Bankruptcy Act 1989. Statutory procedures include members’ voluntary winding up, creditors’ voluntary winding up and a court-ordered winding up.

Appointment The BVI Insolvency Act 2003 (as amended) (the Act) came into force on 16 August 2004. This Act has been modelled on and is very similar to the UK Insolvency Act 1986. The Act introduces for the first time in the BVI the concept of administrators, administrative receivers and company creditor arrangements. However, while in force in its entirety, the provisions of the Act relating to administration and cross-border insolvency have not yet come into force.

BUILDING BLOCKS: Deciphering Derivatives in Bankruptcy (citation: Nicholas M. McGrath and Ji Hun Kim, Deciphering Derivatives in Bankruptcy, XXX ABI Journal 3, 56-57, 98-99, April 2011) - Nicholas M. McGrath and Ji Hun Kim

FEATURE: Can § 547 Be Used to Avoid Foreign Transaction?: The Extraterritorial Application of Preference Laws (citation: Thomas R. Slome and Jessica G. Berman, Can § 547 Be Used to Avoid Foreign Transaction?: The Extraterritorial Application of Preference Laws, 46-47, 57, March 2011) - Thomas R. Slome and Jessica G. Berman

Public debts in developed world economies have surged in recent years to levels not recorded since the end of World War II, surpassing the heights reached during the First World War and the Great Depression.

In a second decision of the United States District Court for the Southern District of Florida involving secured lenders to bankrupt homebuilder TOUSA, Inc., on March 4, 2011, Judge Adalberto Jordan affirmed the dismissal of fraudulent conveyance claims brought against the lenders on a revolving credit facility. For more..

The Second Circuit recently issued an opinion that addressed two separate appeals in In re DBSD North America, Inc.(1) The first ruling could make it more difficult for a secured creditor to resolve disputes with junior constituents over plan distributions, while the second may provide leverage to debtors in negotiations with strategic investors attempting to block or propose a plan of reorganisation.