In May 2023, the Committee adopted a broad new description and mission statement. That is to provide a forum for the exchange of ideas related to the interrelationship between American and foreign insolvency laws, harmonizing American and foreign insolvency laws, the model laws promulgated by UNCITRAL related to insolvency proceedings including Ch.
The Cayman Islands implemented the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (otherwise known as the “New York Convention”) via the Foreign Arbitral Awards Enforcement Act (1997 Revision) (the “Enforcement Act”). As such, arbitral awards made in any state that is a party to the New York Convention (“Convention Awards” can be recognised and enforced in the Cayman Islands under the Enforcement Act.
Switzerland is a complex jurisdiction for foreign insolvency practitioners. A strict blocking statute and banking secrecy make it difficult to obtain information and to secure assets prior to the recognition of a foreign insolvency decree.
The application of U.S. laws to transactions and conduct outside of the U.S. has always been a topic of interest for U.S. and foreign persons and businesses alike. Section 541 of the U.S. Bankruptcy Code shows clear intent for the Code to be applied abroad, as it explicitly states that the bankruptcy estate includes all legal and equitable rights and interests of the debtor in property as of the commencement of the case, wherever located and by whomever held.
The International Committee community continues to grow! We welcome the following members to our committee:
ABI’s International Committee (IC) is actively soliciting nominations for its Second Annual ABI International Matter of the Year Award. The details are set forth below.
Nomination Deadline: September 8, 2023.
Each submission should address how the matter (the “Matter”) satisfies the following criteria:
This panel will discuss some of the more interesting aspects of the asset-recovery process as it relates to locating foreign assets (i.e., Russian yachts). The panelists also will focus on post-COVID-19 issues, including situations where banks were not monitoring collateral as closely as they should have been and are now having trouble locating said assets and selling them, particularly in international cases where the bankruptcy is abroad but the parties are seeking recognition in the U.S.
This panel of experts will discuss and analyze asset-recovery issues in cross-border insolvency situations.
On February 8, 2023, Evelyn Meltzer and Kyle Ortiz, co-chairs for the International Committee, co-hosted the 2023 Look Ahead with members of the Asset Sales Committee. Evelyn and Kyle discussed what the committee has been up to as well as future events and speaking and writing opportunities for committee members. Additionally, Evelyn and Kyle discussed hot topics in international insolvencies for 2023.