Administrators under China’s New Enterprise Bankruptcy Act
Written by: Lawrence (Lixin) Yang
New York Bar Candidate
J.D. University of Maine School of Law; Portland, Maine
Author’s Note: I would like to extend special thanks to Luis Salazar, Co-chair of the International Committee, for his valuable advice and contribution to this paper.
Since China’s new Enterprise Bankruptcy Act came into force on June 1, 2007, the role and capacity of the newly created independent administrator has drawn broad attention among bankruptcy practitioners both in China and across borders. This is because the introduction of the independent administrator into the new bankruptcy proceedings, as the functional counterpart of the trustee under the Bankruptcy Code, is an important step towards a market economy in the insolvency area. Under China’s old law, a liquidation committee, usually composed of officials from relevant governmental departments, played this role. The new act opens business opportunities for lawyers and other professionals, who can now participate in bankruptcy proceedings as administrators.
America Now! What’s New on the Other Side of the Pond?
Written by: Keith J. Shapiro
Greenberg Traurig, LLP; Chicago
Sherri Morissette
Greenberg Traurig
Prof. G. Ray Warner
Of Counsel, Greenberg Traurig
St. John's University School of Law
INTRODUCTION:
The most important new development in U.S. bankruptcy law and practice from the transnational perspective is the enactment in 2005 of new Chapter 15 of the Bankruptcy Code. Chapter 15 is based on the UNCITRAL Model Law on Cross-Border Insolvency and provides for greater co-ordination and co-operation in cross-border bankruptcy proceedings. Included in the materials for our panel is an overview of Chapter 15 that provides a summary of the new rules and procedures. These materials supplement the Chapter 15 overview and highlight a few of the new trends in Chapter 15 cases and in business cases generally that are appearing in U.S. bankruptcy proceedings.
European Communication and Cooperation Guidelines for Cross-Border Insolvency: Also of Interest for North-American Practitioners and Judges
Written by: Bob Wessels
Professor of International Insolvency Law, Leiden University; Netherlands
Adjunct Professor International and Comparative Insolvency Law
St. John’s University, School of Law; New York
Recently the European Communication and Cooperation Guidelines For Cross-border Insolvency have been published (in our jargon called CoCo Guidelines). These Guidelines aim to overcome the cumbersome procedural model of the EC Insolvency Regulation dealing with assets of one debtor spread over several or all jurisdictions in the EU. This can add up to 26 member states (not Denmark). That model is built on a procedural division between two or more member states (main proceedings based on COMI; secondary proceedings wherever the debtor has an establishment) and a mandatory coordination between the liquidators of these proceedings. Main and secondary proceedings, as they are both concerned with the same debtor, should be coordinated and the Guidelines mainly focus on insolvency practitioners in inviting them indeed to take this role generously. Main and secondary insolvency proceedings do not operate on an equal footing. The main proceeding has the dominant position. It is mainly in the power of the liquidator in the main insolvency proceedings to exercise measures for coordination, e.g., he may request opening of secondary proceedings in other member states (Article 29), participate in secondary proceedings (Article 32(3)), request a stay of the process of liquidation of secondary proceedings (Article 33(1)) and propose a rescue plan in the context of these secondary proceedings or he may disagree with finalizing liquidation in secondary proceedings (Article 34(2)).
International Insolvency Symposium, Berlin – 26 October 2007
On Oct. 26, 2007, ABI held its first conference on mainland Europe at the famous Adlon Hotel in central Berlin.
The program consisted of four panel discussions and a luncheon speaker. We were pleased to be able to welcome Bob Sanderson (KPMG, Toronto), the current president of INSOL.
The morning session commenced with a panel chaired by Dr. Christof Schiller (Wellensiek, Heidelberg), entitled “Germany Calling,” in which the U.S. lawyers (James Garrity Jr., Shearman & Sterling LLP, New York) and Deborah Williamson (Cox Smith Matthews Inc., San Antonio) dealt with questions raised by two of Germany’s most prominent insolvency professionals, Dr. Eberhard Braun (Schultze & Braun, Achern) and Dr. Martin Prager (Pluta Rechtsanwalts, Munich), in addressing issues that German trustees may encounter in the United States in the course of the administration of German insolvency estates.
ABI’s 19th Annual Winter Leadership Conference: Committee Educational Session
The International Committee will meet jointly with the Uniform Commercial Code Committee at ABI’s 2007 Winter Leadership Conference at the Westin Mission Hills Resort & Spa in Rancho Mirage, Calif., on Friday, Dec. 7 at 3:45pm to 5:15pm.
Education Session:
Securing Your Transactions Across Borders
The panel will present a comparison of secured transactions law of the United States, Canada, Mexico and England. Panelists include:Kenneth Samuel Atlas (Borden Ladner Gervais LLP; Montreal), Ian G. Williams (Geldards LLP; Nottingham, England), Agustín Berdeja-Prieto, Esq. (BERDEJA Y ASOCIADOS, S.C.) and Prof. G. Ray Warner (Greenberg Traurig).