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).
The first panel discussed modern techniques in asset-tracing. Co-Newsletter Editor Evan Zucker (Blank Rome) moderated the panel, which included Peter Ferrer (Harneys), Jaime Leggett (Bast Amron), Mungo Lowe (Baker and Partners) and Stacy A. Lutkus (McDermott Will & Emery). This panel discussed the use of AI in insolvency proceedings, as well as service of process via social media in such recent cases as Three Arrows Capital (3AC).
The second panel focused on cross-border financial crimes in the restructuring setting, including FCPA or sanctions violations, valuation fraud and money laundering. Anne Eberhardt (Gavin/Solmonese) served as moderator, and the panel included Mathew Clingerman (Kroll), Craig Martin (DLA Piper), Timothy J. Martin (Huron Consulting Group) and Rafael X. Zahralddin-Aravena (Lewis Brisbois Bisgaard & Smith).
The third panel was “Views from the Bench” and was moderated by Communications Manager R. Adam Swick (Akerman). Other panelists included Hon. Lisa G. Beckerman (U.S. Bankruptcy Court (S.D.N.Y.)), Chief Justice Geoffrey B. Morawetz (Ontario Superior Court of Justice) and Dan Glosband (Goodwin Procter). The panel discussed an overview of recent cross-border and international decisions interpreting the UNCITRAL Model Law as incorporated in local bankruptcy and insolvency laws, as well as considerations of jurisdictional boundaries and comity principles applied to the recognition of foreign plans and claims processes. Hon. Allan L. Gropper (U.S. Bankruptcy Court (S.D.N.Y.)) provided valuable commentary suggesting that the U.S. should adopt an English-style scheme of arrangement.
Finally, the fourth panel of the day was a “Cross-Border Update” moderated by Steven J. Weisz (Cozen O’Connor) and included Joel E. Cohen (Stout Risius Ross), Lynn P. Harrison III (Dentons), Fiona MacAdam (Walkers) and Ryan Zahara (MLT Aikins).
