Retrospective on Chapter 15 Filings in 2024

Perhaps against expectations, 2024 included considerable bankruptcy activity in the U.S. However, the number of filings under chapter 15 of the Bankruptcy Code, which implements the UN Model Law on Cross-Border Insolvency and provides bankruptcy courts authority to recognize foreign insolvency proceedings, enforce orders of the foreign court, and grant related relief and assistance, remained close to preceding years.

International Matter of the Year

McDermott International

The restructuring of Houston-headquartered McDermott International, a global engineering group, was the biggest and most important restructuring in 2023/24 in terms of jurisdictions involved, innovation, degree of opposition and quantum. Against fierce opposition in multiple jurisdictions, the debtors successfully consummated this c.$5 billion restructuring via a U.K.

ABI International Conference Summaries

Mexico City, September 8-10, 2024

The ABI International Latin America Insolvency Symposium took place in Mexico City Sept. 8-10, 2024, bringing together prominent bankruptcy judges and experienced practitioners. The event provided a comprehensive exploration of Latin America’s evolving insolvency and economic landscape, offering attendees practical insights and opportunities to deepen their professional connections.

England or Delaware? Discrete Perspectives of Creditors and Direc…

<p>Author’s Note: <em>This is an edited excerpt from the author’s forthcoming master’s thesis, a larger-scope comparative study on “wrongful trading” in England under Insolvency Act 1986, s 214 and the tort of “deepening insolvency” in some U.S. states.</em></p> <h4>Setting the Scene</h4> <p>Picture this fictitious scenario. A Christmas tree merchant on Chancery Lane in London, Mr.

Dance on the Volcano: Steering a German Corporation Through Crisi...

In cross-border restructuring cases, frequently there is a U.S. or U.K. parent company and a German subsidiary. In a crisis, the managing director of the German entity often has a hard time explaining to the parent company what the duties are under German law if there is a crisis. From a U.S./U.K. perspective, the managing directors seem to be “wetting their pants” for no reason. This article wants to show that the dangers are all too real.

Dance on the Volcano: Steering a German Corporation Through Crisi…

<p>In cross-border restructuring cases, frequently there is a U.S. or U.K. parent company and a German subsidiary. In a crisis, the managing director of the German entity often has a hard time explaining to the parent company what the duties are under German law if there is a crisis. From a U.S./U.K. perspective, the managing directors seem to be “wetting their pants” for no reason. This article wants to show that the dangers are all too real.

Co-Chair’s Corner

As your co-chairs, we are very excited to welcome new members to the committee and also look forward to connecting with long-time committee members. Thanks to those who have contributed articles to this newsletter (and to Simon Eickmann and Olya Antle for acting as editors). Special thanks to Evelyn Meltzer for her service as co-chair of the International Committee over the past two years, and a warm welcome to Ken Kraft as the incoming co-chair.