International

Co-Chairs’ Corner

Co-Chairs’ Corner

As your co-chairs, we are very excited to welcome new members to the committee, and we also look forward to connecting with longtime committee members. We thank those who have contributed articles to this newsletter (and to Simon Eickmann and Olya Antle for acting as editors).

Retrospective on Chapter 15 Filings in 2024

Perhaps against expectations, 2024 included considerable bankruptcy activity in the U.S. However, the number of filings under chapter 15 of the Bankruptcy Code, which implements the UN Model Law on Cross-Border Insolvency and provides bankruptcy courts authority to recognize foreign insolvency proceedings, enforce orders of the foreign court, and grant related relief and assistance, remained close to preceding years.

Reverse Vesting Orders: The Most Powerful Tool You’ve Never Heard Of

Several U.S. bankruptcy courts recently have recognized CCAA reverse vesting orders in chapter 15 cases, but not without some reservations as to their breadth and effect. This panel will discuss the use of reverse vesting orders to effect asset sales in cross-border transactions.

International | October 2024

ABI International Committee Leadership Updates

Meet the new Membership Relations Director, Charles Phiri

Charles Phiri is an international restructuring expert with more than 15 years in international and cross-border Insolvencies. He is a founder of CP ADVISERS (PTY) LTD., a Johannesburg, South Africa-based company that is involved in corporate restructuring, cross-border insolvency, business advisory, business turnarounds, business rescue and tax services.

Co-Chair’s Corner

As your co-chairs, we are very excited to welcome new members to the committee and also look forward to connecting with long-time committee members. Thanks to those who have contributed articles to this newsletter (and to Simon Eickmann and Olya Antle for acting as editors). Special thanks to Evelyn Meltzer for her service as co-chair of the International Committee over the past two years, and a warm welcome to Ken Kraft as the incoming co-chair.

Dance on the Volcano: Steering a German Corporation Through Crisis

In cross-border restructuring cases, frequently there is a U.S. or U.K. parent company and a German subsidiary. In a crisis, the managing director of the German entity often has a hard time explaining to the parent company what the duties are under German law if there is a crisis. From a U.S./U.K. perspective, the managing directors seem to be “wetting their pants” for no reason. This article wants to show that the dangers are all too real. It is also meant to raise awareness about these issues for managing directors of German corporations who have no German background.

Instrumental Use of Legal M&A Procedures to Avoid Liability by Debtors in Poland

This article deals with the controversial practice of a Polish debtor being a capital company entering a multi-million M&A procedure by dividing assets and transferring part of the assets to a new shell company, in which the ownership structure was created on the model of the old company. We will assess this practice from the perspective of debtors withdrawing assets from the company by dividing it while simultaneously using a speculative accounting method, the adjusted net assets method, in order to understate the value of the transferred assets.

Cross-Border Recovery in Fraudulent Schemes

Ponzi and other fraudulent schemes continue to proliferate. Many of these schemes, event if primarily targeted at Americans, operate using offshore entities in the Caribbean. As a result, resolving such schemes typically involves domestic receiverships or bankruptcy coupled with offshore liquidation proceedings. The victims’ recoveries may vary widely depending on whether the distribution of the scheme’s remaining assets is determined by U.S. bankruptcy law, U.S. common law or foreign law. This panel will explore the various ways in which U.S.

Understanding African Insolvency Regimes

Discover firsthand insights into insolvency in Africa. In this webinar, the panelists will showcase their countries' approaches, followed by engaging discussions on the pivotal roles and rights of stakeholders (creditors, employees and shareholders). Uncover essential perspectives and strategies that are reshaping the landscape of insolvency management worldwide. Don't miss out on this opportunity to gain actionable knowledge and network with industry leaders!