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Global investor activity means a sudden increase in interest in the crypto-asset market. According to the Polish financial market supervision authority, in the conditions of the Polish economy, this is primarily due to the low interest rate on bank deposits, as well as the widespread information about cases of investors achieving large profits from cryptocurrencies in a short time.[1] With the increase in popularity, the number of risks associated with cryptocurrencies has also increased.
The days are getting longer, flowers and trees are blooming, and temperatures are rising. Spring is in the air, which also means it’s Annual Spring Meeting time in Washington, D.C. We were excited to see many of you at the conference April 18-20. Below is a summary of what our committee has been up to and the great things we have planned.
In February, the committee hosted two webinars. The first, on Feb. 14, was the second in the planned webinar series “Directors Duties Across Borders in the Insolvency Zone.” The focus of this webinar was on the Americas. Debra Grassgreen (Pachulski Stang Ziehl & Jones) moderated the discussion. The panelists were The Hon. Daniel Cario Casto (recently retired as a Judge at First Bankruptcy Court of Sao Paulo, Sao Paulo State Court of Justice (Brazil)), Allan Nackan of B. Riley Farber (Canada), Margot MacInnis from Grant Thornton (Cayman Islands) and Dr. Ivan J.
The English Supreme Court has dismissed an equitable personal claim in knowing receipt brought by Saad Investments Co. Ltd. and its joint liquidators (Saad) against a Saudi Arabian financial institution, and in doing so provided welcome elucidation on the cause of action — the law on which “has perplexed judges and academics alike for several decades.”[1]
Courts administering India’s insolvency and restructuring law, the Insolvency and Bankruptcy Code 2016 (IBC), have been grappling with the challenges posed by corporate group insolvencies. Many Indian businesses operate through family-controlled group structures, and their insolvency has been a matter of considerable public concern in India in recent years, particularly with real estate development groups.[1]
Season’s Greetings from the ABI International Committee leadership. It is hard to believe how quickly pumpkin spice and caramel apples have turned into peppermint mocha and eggnog. The weather is turning colder, and the holidays are quickly approaching. We hope that the end of 2023 brings you time with family and friends, and maybe even a little bit of international travel. We wish you and your family health, happiness and prosperity in 2024.
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 British Virgin Islands Court has reached a different conclusion to the courts of Bermuda, Cayman Islands and Hong Kong in holding that, in certain circumstances, ultimate beneficial bondholders have standing as contingent creditors to make applications for the appointment of liquidators to bond issuers, without the need to show a direct pre-existing contractual relationship with the issuer.
