Written by: T.M. Wiener
Cupid Investments Limited; London
On April 19, 2011, the High Court of England and Wales heard an application for the sanction of a scheme of arrangement for Rodenstock GmbH, a solvent German company. Two days later, the court entered an order sanctioning the scheme, and indicating that Mr. Justice Briggs’ reasoning would be provided in a reserved judgment. The judgment that followed, entered on May 6, 2011, [1] is notable because it expresses a bullish or expansive view of U.K. jurisdiction over the restructuring of debts of solvent companies having a center of main interest (COMI) outside of the United Kingdom, no U.K. establishment and little connection to the United Kingdom at all. This decision creates a precedent for permitting restructurings in the United Kingdom based on not much more than English choice of law and jurisdiction provisions in the governing debt documents.
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The Board of Governors of the Federal Reserve System released a report this month titled, "Study on International Coordination Relating to Bankruptcy Process for Nonbank Financial Institutions." The report reiterates the main purposes and goals of a variety of official sector parties and initiatives related to the study, and also provides appendixes with relevant case studies and international rulings. The study is in response to the Dodd-Frank Act’s demand for an analysis of international coordination relating to cross-border financial issues.
Click here to view the complete study.
ABI has partnered with INSOL International to launch a comprehensive Chapter 15 Database.
The new website, which is part of the ABI/INSOL Global Insolvency site, contains more than 60
recent chapter 15 cases with the full text of judicial opinions and summaries of the main issues presented,
organized by U.S. judicial circuit. Also included are
daily news headlines about the latest developments in
chapter 15 cases, commentary and analysis about trends
in the law, and the full text of the chapter 15 statute and
its complete legislative history.
The site is a unique and valuable resource for
cross-border practitioners who need to quickly find
chapter 15 material, including the bankruptcy court, district court and court of appeals levels. Case materials
will be updated regularly by a team of restructuring professionals at Paul, Weiss, Rifkind, Wharton& Garrison, led by Claudia Tobler. Visit the site today at www.globalinsolvency.com/chapter15.
Click here to view the new Chapter 15 Database.
ABI is pleased to announce the Seventh International Insolvency & Restructuring Symposium will be held in Dublin, Ireland on October 21st. This year's event will feature some of the world's top professionals in restructuring speaking on the industry's hottest topics. Join us for an interactive learning experience led by a faculty of prominent practitioners and commentators, including The Honourable Ms. Justice Mary Finlay Geoghegan, of The High Court in Dublin, and leading U.S. bankruptcy judge, Hon. Arthur J. Gonzalez of the Southern District of New York in New York, N.Y. This year's event will also include a luncheon with Gordon Stewart, President of INSOL International. Earn up to 6/7 hours of CLE/CPE credit.
Click here to register.
ABI is pleased to announce the Seventh Canadian/American Cross-Border Insolvency Symposium. This year's one-day event will be held in Toronto on November 7th, and will feature a variety of timely sessions and a luncheon with Pulitzer Prize-winning financial journalist Paul Ingrassia. The program will also be co-hosted by the Annual Review of Insolvency Law, the Canadian Association of Insolvency and Restructuring Professionals, the Insolvency Institute of Canada and TMA Toronto. Approval for approximately 6/7 hours of CLE/CPE credit is pending, including California MCLE.
Click here to register.
With the summer season comes a plethora of ABI conferences, as well as events in Dublin, Ireland and Toronto, Canada later this year. Remember to check online regularly for conference materials from the most recent events, plus all educational materials dating back to 2000.
Click here to view materials related to the committee.
Click here to view all previous conference materials.
