Development of Comity and Assistance to Foreign Insolvency Courts 1. In December 2005 the Joint Receivers and Managers of the Consumers Trust (“TCT”) filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Southern district of New York. Although TCT is an English trust its assets and its business were in the USA. In the USA a business trust such as TCT is regarded as a corporate entity for the purposes of insolvency proceedings. No such process is available in the case of a trust in England where the trustees of TCT resided.

FEATURE: (citation: Mark Lightner; The Timing Requirement under Chapter 15, XXIX ABI Journal 7, 56-57, 61, September 2010) - Mark Lightner

Debt and growth revisited: In a paper presented last January at the annual meeting of the American Economic Association, Carmen Reinhart of the University of Maryland and Kenneth Rogoff of Harvard, the authors of the celebrated history of financial crises, This Time It’s Different: Eight centuries of financial folly; conceit and money, looked at the link between different levels of debt and countries’ economic growth over the last two centuries. One finding: countries with a gross public debt exceeding about 90% of annual economic output tended to grow a lot more slowly.

Cross-Border Insolvency, with a Discussion of Inbound and Outbound IssuesProf. Charles D. Booth, Moderator, Cosimo Borrelli, Van C. Durrer II, Hon. Allan L. Gropper, George M. Kelakos, John Matthew Marsden, Shinjiro Takagi.

Asian Insolvency LawStephen B. Darr, Moderator, Prof. Charles D. Booth, Cosimo Borrelli, George M. Kelakos, John Matthew Marsden, Dr. Shinjiro Takagi.

“Loan-to-own” is the process by which investors buy into a piece of distressed debt (that is, debt trading at a discount because the market considers that the debt is unlikely to be repaid in full and on time) with a view either to: (i) swapping the debt for a potentially more valuable equity stake in the company; or (ii) enforcing security over the company and/or its assets, with a view to taking control of the company as part of a debt restructuring.

Welcome to the fifth edition of this publication which has been compiled by the Salans Global Corporate Group comprising experienced lawyers from each of our 22 offices. Previous editions have dealt with: the establishment of companies and partnerships in key jurisdictions; the use of warranties in international acquisitions; the issue and transfer of securities in key jurisdictions;and governmental approvals and third party consents in corporate transactions.