A new restructuring regime will be available in the Cayman Islands when the amendments to Part V of the Companies Act (2022 Revision) take effect as of August 31, 2022. Among other changes, this new regime will allow a debtor company to restructure under the supervision of a restructuring officer and provide for a worldwide automatic stay.
BVI Liquidator of a Foreign Company
The International Committee community is continuing to grow! We are excited to introduce and welcome the following new members:
Whether it is the time lag depicted in Future Shock by Alvin Toffler in 1970 or the relativity of time by Yual Hararri in The History of Homo Sapiens, we have never felt the fast pace of a changing world as we are witnessing now.
The International Committee hosted an in-person happy hour social during INSOL London 2022 on June 27 at the conference hotel, the JW Marriott Grosvenor House London. Thank you to everyone who attended to mix-and-mingle with fellow ABI members; we had a blast!
We hope this newsletter finds you enjoying the lazy days of summer and maybe even getting to do some international traveling. Keep reading to hear all the amazing things the International Committee has been up to.
We are pleased to announce that, with the help of ABI’s Karim Guirguis and his team, the Global Insolvency website (globalinsolvency.com) has had numerous updates that will enhance its visibility, add significantly more valuable content, and draw more viewers to the site.
The ABI International Committee is actively soliciting nominations for the First Annual ABI International Committee Matter of the Year Award. The details are set forth below.
Nomination Deadline: September 15, 2022.
Each submission should address how the matter (the “Matter”) satisfies the following criteria:
Maximizing value for creditors is one of the paramount objectives of the Canadian insolvency system. Where the value is in a business varies in each situation. Depending on the nature of the business, a debtor company may have crucial licenses or contracts that are not transferrable but are necessary in order to operate.
On March 7, 2022, the U.S. Supreme Court in Estate of Omar Fontana v. ACFB Administração Judicial Ltda.-ME, No. 21-828 (U.S. Mar. 7, 2022), denied a petition for review of a decision by the Eleventh Circuit, In re Transbrasil S.A. Linhas Aéreas, 860 Fed. Appx 166 (11th Cir. 2021).
Hosted by the International and Legislation Committees: In recent years, multiple jurisdictions have reformed or modernized their insolvency laws, either through incremental amendments or by entirely replacing the legislation. In this session, attendees will hear from practitioners from various jurisdictions about what motivated the decisions to amend their insolvency laws — and how the process unfolded in practice.
People and Assets on the Move Overseas: What You Need to Know to Hold Everything Still and Seize the Assets
Structuring Cross-Border Deals to Protect Creditor Interests
The Business Reorganization Committee held a free committee wide call on Tuesday, September 23rd, at 4 pm ET. The topic was titled "Looking at International Insolvency/Restructurings Through the Bankruptcy Code and Beyond," and featured key speakers, including: Patrick Mohan (Moderator) of Reorg Research (Columbia, S.C.), Rachel Ehrlich Albanese of Akin Gump Strauss Hauer & Feld LLP (New York), G.
Troutman Pepper Hamilton Sanders LLP
Togut, Segal & Segal LLP
New York, NY
British Virgin Islands,
Sewell & Kettle Lawyers
Membership Relations Director
McDonald Hopkins LLC
Burr Ridge, IL
Baker & Partners
George Town, Grand Cayman
Blank Rome LLP
New York, NY
Special Projects Leader
Dentons Canada LLP