Season’s Greetings from the ABI International Committee leadership. It is hard to believe how quickly pumpkin spice and caramel apples have turned into peppermint mocha and eggnog. The weather is turning colder, and the holidays are quickly approaching. We hope that the end of 2023 brings you time with family and friends, and maybe even a little bit of international travel. We wish you and your family health, happiness and prosperity in 2024.
On October 17, the International Committee hosted the initial webinar in its planned series of “Directors’ Duties Across Borders in the Insolvency Zone.” The first episode focused on Europe, with speakers from France (Alexandre Koenig of Stephenson Harwood), Germany (Bernd Meyer-Loewy of Kirkland & Ellis), Ireland (Gemma Freeman of Dentons) and the Netherlands (Krijn Hoogenboezem of Resor).
The International Committee presented its Second Annual ABI International Matter of the Year Award during ABI’s Cross-Border Insolvency Program, held on Oct. 24, 2023, in New York City.
On October 24, 2023, the ABI International Committee hosted the 2023 Cross-Border Insolvency Program at Blank Rome LLP’s Conference Center in Midtown Manhattan. This annual day-long program featured four educational panels and a networking happy hour.
The British Virgin Islands Court has reached a different conclusion to the courts of Bermuda, Cayman Islands and Hong Kong in holding that, in certain circumstances, ultimate beneficial bondholders have standing as contingent creditors to make applications for the appointment of liquidators to bond issuers, without the need to show a direct pre-existing contractual relationship with the issuer.
Switzerland is a complex jurisdiction for foreign insolvency practitioners. A strict blocking statute and banking secrecy make it difficult to obtain information and to secure assets prior to the recognition of a foreign insolvency decree.
In May 2023, the Committee adopted a broad new description and mission statement. That is to provide a forum for the exchange of ideas related to the interrelationship between American and foreign insolvency laws, harmonizing American and foreign insolvency laws, the model laws promulgated by UNCITRAL related to insolvency proceedings including Ch.
The Cayman Islands implemented the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (otherwise known as the “New York Convention”) via the Foreign Arbitral Awards Enforcement Act (1997 Revision) (the “Enforcement Act”). As such, arbitral awards made in any state that is a party to the New York Convention (“Convention Awards” can be recognised and enforced in the Cayman Islands under the Enforcement Act.
The application of U.S. laws to transactions and conduct outside of the U.S. has always been a topic of interest for U.S. and foreign persons and businesses alike. Section 541 of the U.S. Bankruptcy Code shows clear intent for the Code to be applied abroad, as it explicitly states that the bankruptcy estate includes all legal and equitable rights and interests of the debtor in property as of the commencement of the case, wherever located and by whomever held.
ABI’s International Committee (IC) is actively soliciting nominations for its Second Annual ABI International Matter of the Year Award. The details are set forth below.
Nomination Deadline: August 31, 2023.
Each submission should address how the matter (the “Matter”) satisfies the following criteria:
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