International Insolvency

The following session took place during Annual Spring Meeting in April 2023. Luckin Coffee Inc., founded in 2017 by a Chinese entrepreneur, had the goal of outgrowing Starbucks as China’s largest coffee chain. The company’s 2019 IPO and bond offering raised approximately US$900 million. However, in February 2020, it was discovered that Luckin had fabricated its financial statements, with revenue overstated by US$300 million. Litigation followed, with various direct and class action claims being asserted in the U.S., a class action claim in Canada, and injunctive proceedings in both the Cayman Islands and Hong Kong. The principal creditors were unsecured bondholders and equityholders with securities litigation claims. In order to protect Luckin from its creditors, restructuring officers were appointed in the Cayman Islands, and the company’s debt was successfully restructured. This international panel of experts will discuss the case and lessons restructuring professionals can learn from it. All sessions from this conference can be accessed at https://cle.abi.org/.

Speakers:

Hamid Khanbhai
Campbells Grand Cayman | Cayman Islands
Nicosia Lawson
Baker & Partners | Grand Cayman, Cayman Islands
Wei-Yang Lim
Kirkland & Ellis | Hong Kong

On February 8, 2023, Evelyn Meltzer and Kyle Ortiz, co-chairs for the International Committee, co-hosted the 2023 Look Ahead with members of the Asset Sales Committee. Evelyn and Kyle discussed what the committee has been up to as well as future events and speaking and writing opportunities for committee members. Additionally, Evelyn and Kyle discussed hot topics in international insolvencies for 2023. Click here to watch the video of this event.

The following session took place during Caribbean Insolvency Symposium in February 2023. This panel will focus on recent updates and trends in the Cayman Islands related to arbitrations and mediations, Russian sanctions and other important developments. All sessions from this conference can be accessed at https://cle.abi.org/.

Speakers:

Adam D. Crane, Moderator
Baker & Partners | Grand Cayman, Cayman Islands
John Royle
Grant Thornton | Grand Cayman, Cayman Islands
Martin Trott
Rawlinson & Hunter | Grand Cayman, Cayman Islands
Shelley White
Walkers | Grand Cayman, Cayman Islands

The following session took place during Caribbean Insolvency Symposium in February 2023. This panel will discuss challenges faced by bankruptcy practitioners in subchapter V cases, including unique eligibility issues, effects of conversions, subchapter V trustee powers and obligations, among other developing topics and recent case law updates. The panelists also will discuss the strategic differences and approaches to be considered by parties in interest in a subchapter V case. All sessions from this conference can be accessed at https://cle.abi.org/.

Speakers:

Carlos Infante Gutiérrez, Moderator
ESTRELLA, LLC | San Juan, P.R.
Hillary B. Crabtree
Moore & Van Allen | Charlotte, N.C.
Hon. Laurel M. Isicoff
U.S. Bankruptcy Court (S.D. Fla.) | Miami
Heidi J. Sorvino
White and Williams LLP | New York

The following session took place during Caribbean Insolvency Symposium in February 2023. This panel will discuss what liquidation expenses are; proofs-of-debts costs; submission, adjudication and appeals; creditor committee costs; trusts; liquidators as trustees (Berkeley Applegate); and liquidating trusts. All sessions from this conference can be accessed at https://cle.abi.org/.

Speakers:

Paula Richmond, Moderator
Interpath Advisory | Grand Cayman, Cayman Islands
Jennifer Colegate
Collas Crill | Grand Cayman, Cayman Islands
Helen Ennis
Kroll | Grand Cayman, Cayman Islands
Tiana Ritchie
Maples Group | Grand Cayman, Cayman Islands
Ruth Simpson
PwC | Grand Cayman, Cayman Islands

The following session took place during Caribbean Insolvency Symposium in February 2023. This panel will discuss hot topics in 2022 chapter 11 filings, including the “Texas Two-Step” strategy (e.g., J & J/JTL Management, LLC, Certain Tweed/DBMP LLC, Georgia Pacific/Bestwall, and Trane Technologies/Aldrich Pump) and 3M; Siegel v. Fitzgerald (what happens now, and what the remedy will be on remand); an update on third-party releases; and bankruptcy-related cases the Supreme Court is going to hear this term. All sessions from this conference can be accessed at https://cle.abi.org/.

Speakers:

Allison R. Day, Moderator
Venable LLP | Miami
Erin Diers
Hughes Hubbard & Reed LLP | New York
Hon. Mindy A. Mora
U.S. Bankruptcy Court (S.D. Fla.) | West Palm Beach
Hon. Madeleine C. Wanslee
U.S. Bankruptcy Court (D. Ariz.) | Phoenix

The following session took place during Caribbean Insolvency Symposium in February 2023. This panel will discuss the latest updates on cross-border fraud issues, including the cross-border interplay between the SEC and U.S. state receiverships, domestic litigation, and liquidations in the Cayman Islands. The panelists will highlight the SEC v. TCA Fund case, which involved a huge fraud committed on investors in a master feeder structure, the issues surrounding the Florida receiver’s motion to approve a distribution plan in that case, and the conflict with Cayman law that, if applied, would produce a drastically different result than the plan proposed by the receiver. All sessions from this conference can be accessed at https://cle.abi.org/.

Speakers:

Joel E. Cohen, Moderator
Stout Risius Ross, LLC | New York
Kieran W. Hutchison
EY | Grand Cayman, Cayman Islands
Sam Lieberman
Sadis & Goldberg LLP | New York
Bhavesh N. Patel
Travers Thorp Alberga | Grand Cayman, Cayman Islands

The following session took place during Caribbean Insolvency Symposium in February 2023. This panel will discuss some key issues under § 503 of the Bankruptcy Code, including substantial contribution claims (§ 503(b)(3)(D)), § 503(b)(9) claims for goods received by a debtor within 20 days of the petition date, and insider incentive payments under § 503(c). All sessions from this conference can be accessed at https://cle.abi.org/.

Speakers:

Hon. Robert A. Mark, Moderator
U.S. Bankruptcy Court (S.D. Fla.) | Miami
Vincent F. Alexander
Lewis Brisbois Bisgaard & Smith LLP | Fort Lauderdale, Fla.
Andrew V. Alfano
Pillsbury Winthrop Shaw Pittman LLP | New York
Morgan L. Patterson
Womble Bond Dickinson (US) LLP | Wilmington, Del.

The following session took place during Caribbean Insolvency Symposium in February 2023. This panel will focus on the ethical risks involved in serving as local counsel, special counsel and conflicts counsel. The panelists will discuss the role of the court in monitoring and reviewing the scope and responsibilities of counsel in each of these roles, and will discuss relevant case law impacting an attorneys’ ethical obligations, both to clients and to the court. All sessions from this conference can be accessed at https://cle.abi.org/.

Speakers:

Hon. Kevin J. Carey (ret.)
Hogan Lovells US LLP | Philadelphia
Hon. Laurel M. Isicoff
U.S. Bankruptcy Court (S.D. Fla.) | Miami
Hon. Robert A. Mark
U.S. Bankruptcy Court (S.D. Fla.) | Miami
Hon. Mindy A. Mora
U.S. Bankruptcy Court (S.D. Fla.) | West Palm Beach
Hon. Madeleine C. Wanslee
U.S. Bankruptcy Court (D. Ariz.) | Phoenix

The following session took place during Caribbean Insolvency Symposium in February 2023. The panelists will discuss current hot issues in cryptocurrency and the ways in which they converge with insolvency proceedings. After providing a brief cryptocurrency overview, the panelists will address legislative and regulatory updates, and their effects on bankruptcy cases. The panelists also will discuss such current cryptocurrency-focused insolvency cases as Cred, Inc., Celsius, Voyager and Three Arrows Capital, and the crypto-specific bankruptcy issues they present. All sessions from this conference can be accessed at https://cle.abi.org/.

Speakers:

Alan R. Rosenberg, Moderator
Markowitz Ringel Trusty & Hartog, P.A. | Miami
Jeffrey S. Ainsworth
BransonLaw, PLLC | Orlando, Fla.
Robert A. Musiala, Jr.
BakerHostetler | Chicago
Gregg A. Steinman
McDermott Will & Emery | Miami