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| vol 18, num 3 | December 2023 |
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| Co-Chairs Corner |
| 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.
Second Annual International Matter of the Year Award
On Oct. 24, 2023, our committee awarded the Second Annual International Matter of the Year Award to In re China Fishery and the Honorable Mention to In re Modern Land. The International Matter of the Year Award is awarded to a matter that (1) results from the completion of a unique, strategic or challenging international transaction or litigation; (2) 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 (3) is of international legal significance and impact in relation to the distressed/insolvency industry, including how the matter will facilitate or hinder international cooperation on a going-forward basis. Congratulations to all the professionals involved in these two cases.
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| 2023 Cross-Border Insolvency Program Recap |
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. Additionally, Committee Co-Chair Evelyn Meltzer (Troutman Pepper) presented the second annual International Matter of the Year award to China Fishery and an honorable mention to Modern Land (details on the award and both cases are separately addressed elsewhere in the newsletter).
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| In re China Fishery Awarded ABI Second Annual International Matter Award |
In re Modern Land Receives Honorable Mention
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. The award is presented to the individuals and firms involved in a matter that (1) results from the completion of a unique, strategic or challenging international transaction or litigation; (2) 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 (3) is of international legal significance and impact in relation to the distressed/insolvency industry, including how the matter will facilitate or hinder international cooperation on a going-forward basis. The matter must be connected to the U.S. and involve one more outside jurisdictions; for the second annual award, the matter must
have occurred between July 1, 2022, and June 30, 2023. |
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| Ultimate Beneficial Bondholder Has Standing to Wind Up Issuer |
| 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.
Haimen Zhongnan Investment Development (International) Co Ltd. (the Company) is a company incorporated in the British Virgin Islands that is part of a group of entities that has been in the business of property development in the People’s Republic of China for over 30 years. The group is ultimately held by Jiangsu Zhongnan Construction Group Co, Ltd. (the Parent). The Company itself is a financing vehicle of the Parent that issues and holds certain offshore notes and other indebtedness and debt instruments.
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| International Committee Webinar Update |
| 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). Debra Grassgreen (Pachulski Stang Ziehl & Jones) moderated the discussion.
Over about 75 minutes, the panelists answered questions related to the duties directors must confront under domestic law when operating in the zone of insolvency. The panelists all noted that the European Union has moved toward encouraging restructurings at an early stage. For some countries, like Ireland, this was nothing new at all. In most jurisdictions, the board remains in place even if an insolvency practitioner is appointed to help with the process.
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| New Member Spotlight |
| The International Committee community continues to grow! We welcome the following members to our committee:
 Ben Hobden | Harney Westwood & Riegels
Ben Hobden is a partner in Harneys’ Litigation, Insolvency, and Restructuring group in the Cayman Islands. Having practiced in the Cayman Islands for over a decade, Ben regularly acts for insolvency practitioners, debtors, and creditors in insolvency and restructuring situations, with an enviable track record of acting on many of the largest restructurings in the Cayman Islands. He is regularly instructed as offshore counsel for entities seeking chapter 15 relief in the U.S.
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