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| vol 18, num 2 | August 2023 |
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| Co-Chairs Corner |
| It was great seeing many of you at the Annual Spring Meeting in Washington, D.C., and getting to catch up with you in person. It was three amazing days of educational sessions and networking.
A very special thank you to Kyle Ortiz for serving as co-chair to the ABI International Committee for the past two years, and congratulations to Adam Crane for his appointment as co-chair of the ABI International Committee for 2023. The ABI International Committee was honored to be named ABI Committee of the Year for 2022, and Evelyn Meltzer, co-chair of the ABI International Committee, was named ABI Committee Member of the Year for 2022.
2023 Committee Leadership
Congratulations to the 2023 leadership for the ABI International Committee. Click here.
Q1 2023 Past Events
- Educational Panel at the Annual Spring Meeting
The International Committee teamed up with the Bankruptcy Litigation Committee to present Lessons Learned from Luckin Coffee, Inc. at the Annual Spring Meeting. 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 initial public offering raised approximately US$2.2 billion.
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| ABI International Committee Leadership Updates |
| 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. 15 of the Bankruptcy Code, planning & implementing cross-border bankruptcy proceedings, tracing and recovering assets in foreign insolvency proceedings, and the impact of American and foreign insolvencies on international trade and financial systems.
To assist in the implementation of the Committee’s mission, the Committee has elected a geographically diverse set of leaders to ensure timely and topical content to the Committee’s members. Below is a list of the Committee’s current leadership:
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Minglei Wu
Membership Relations Director
London, England |
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| Enforcement of Foreign Arbitral Awards in the Cayman Islands |
| 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.
Non-Convention Awards (also referred to in this article as “Foreign Awards”) are enforced in the Cayman Islands under the Arbitration Act, 2012. Section 72(5) of the Arbitration Act provides that an arbitral award, irrespective of the country in which it was made, is treated as binding and can be enforced by an arbitral creditor making an application to the Grand Court of the Cayman Islands. Order 73, rule 31 of the Grand Court Rules, which deals with the enforcement of foreign arbitral awards, directs that applications should be made by way of an ex parte Originating Summons.
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| Asset Recovery and Insolvency: How to Unlock the Doors of the Swiss Vault |
| 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.
The country is also a civil law jurisdiction where pre-trial disclosure orders are not available. It is well known by international asset-recovery specialists that Swiss criminal proceedings offer an alternative and efficient tool that enables the disclosure of banking information and the freezing of assets. Another advantage is often overlooked: In the context of insolvency, they can also be used at the earliest stage of fraud-related cases without IPs being at risk of infringing on the Swiss blocking statute.
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| The Global Reach of U.S. Bankruptcy Courts: The Real Impact of Bankruptcy Courts’ Orders Outside of U.S. Borders |
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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. “It would be hard to imagine language that would be more encompassing.”
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| New Member Spotlight |
| The International Committee community continues to grow! We welcome the following members to our committee:
 Stephon Grey CFE, CICA, FCPA Educator | CIFA Consulting
Stephon Grey is a Certified Fraud Examiner (CFE), a Certified Internal Control Auditor (CICA) and a Forensic CPA Educator. He is the founder and executive head of the Caribbean Institute of Forensic Accounting (CIFA) and the lead expert, managing director and international liaison at CIFA Consulting. He also is an expert panelist at Streamhouse (Switzerland) and the head of Forensic and Investigatory Services at Baker & Partners (U.K.), which specializes in the investigation, litigation and prosecution of financial crimes and the recovery of assets misappropriated by corrupt actors and fraudsters.
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| Second Annual ABI International Matter of the Year Award |
| 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.
Criteria:
Each submission should address how the matter (the “Matter”) satisfies the following criteria:
- Involves the United States and one or more other jurisdictions;
- Results from the completion of a unique, strategic or challenging international transaction or litigation;
- Displays excellence from beginning to end, including a high level of professional expertise, creativity and/or skill necessary for the successful completion of the Matter; and
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