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| vol 17, num 1 | June 2022 |
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| Co-Chairs Corner |
| Welcome to the ABI International Committee’s Spring 2022 Newsletter. We thank all the members of the committee for their continued support, and we encourage you to get involved with the committee over the coming year. Please reach out to us if you are interested in contributing to a future newsletter, have an idea for a conference panel, or just want to get more involved.
We are planning to host a virtual meet-and-greet for committee members in June. Be on the lookout for an email with further information about this event. Since our last newsletter, the committee has been busy putting on some exceptional programing, including:
- Teaming up with the American College of Bankruptcy, International Insolvency Institute (III), TMA Europe, INSOL and IWIRC to put on the International Insolvency & Restructuring Symposium + Cross-Border Insolvency Program, a three-day virtual event that was presented on ABI’s innovative online platform Nov. 17-19, 2021. The program included the annual “America Now” update featuring U.S. bankruptcy judges, a “Far East” update, and variety of interesting panels touching on developments and trends in insolvency and restructuring across the globe.
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| Appealability of Discovery Orders Under Chapter 15 |
| 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). The Eleventh Circuit held that an order denying a motion for a protective order to shield parties from discovery subpoenas in a chapter 15 proceeding was interlocutory and thus not final and appealable.
On its face, Transbrasil does not seem too controversial. After all, discovery orders in civil litigation generally are not appealable. Likewise, discovery orders in bankruptcy proceedings (i.e., for Rule 2004 examinations) generally are not appealable, either.
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| A New Perspective on the Recognition of Foreign Insolvency Proceedings in Mexico |
| Mexico adopted the UNCITRAL Model Law on Cross-Border Insolvency (MLCBI) in May 2000, when the current Business Reorganizations Law (Ley de Concursos Mercantiles) (LCM) was enacted. It was incorporated in Title XII of the LCM, which contains essentially the same provisions as the MLCBI, with a few additions. It distinguishes between main insolvency proceedings and non-main insolvency proceedings. The former should take place in the debtor’s center of main interest, and the latter should take place in jurisdictions where the debtor has an establishment. It also presumes that the debtor’s registered office is its center of
main interest. |
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| The Rise of “Reverse” Vesting Orders in the Canadian Insolvency Regime |
| 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. In another example, an entity may have significant tax losses that may be a driver of value, but the path to a successful plan of arrangement is uncertain or the debtor has insufficient resources to pursue a plan of arrangement in Canada. There is a new tool in Canadian insolvency law that helps address some of these concerns
in the right circumstances: the “reverse” vesting order (RVO).
This article provides a high-level primer on the traditional vesting order and its significance in the Canadian insolvency space, then describes the relatively new concept of RVOs, and provides recent examples where RVOs have been creatively used in the insolvency context. Finally, the article concludes with a brief discussion on how the RVO has earned its stripe as a legal tool available to insolvency practitioners, and its potential for use beyond Canadian borders.
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| Download Free Asian Guide on Insolvency |
| The Singapore-based Asian Business Law Institute (ABLI) recently released its Guide on the Treatment of Insolvent Micro and Small Enterprises in Asia in conjunction with the International Insolvency Institute. The guide suggests policy recommendations for the design of an effective insolvency regime for such businesses in Asia, and features a unique tiered approach for Five Key Principles and Six Aspirational Principles. Download the
Guide here to read more. |
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| Upcoming Committee Events |
| June 21st - ABI International Committee Meet and Greet
Your ABI International Committee Leadership Team wants to get to know you better! Please join the committee for a virtual meet-and-greet on June 21, 2022, at 6:00 PM EDT to network, discuss upcoming events, and gather feedback from members on international insolvency topics and other areas of interest.
Register here to attend. |
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| June 27th - ABI Happy Hour at INSOL
Join Other ABI members at INSOL London 2022 for a happy hour prior to the INSOL opening reception. The happy hour is being held at the Bourbon Bar at the JW Marriott Grosvenor House London from 4:00 pm to 5:30 pm (London time) on Monday, June 27th. There is no cost for ABI members to attend the event but advance registration is required. R.S.V.P. below to attend.
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| International Committee Leadership for 2022 |
| The International Committee is proud to announce our new leaders for 2022!
You can also visit the committee's homepage for more newsletter articles, relevant recordings and other committee information.
The committee is always eager to welcome new volunteers. Please contact any member of our leadership team to find out how you can get involved.
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Jennifer Jenkins
Education director
Mourant
British Virgin Islands |
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Joshua Pichinson
Newsletter Editor
AgencyIP
Santa Clara, Calif. |
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