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On October 17, the International Committee hosted the initial webinar in its planned series of “Directors’ Duties Across Borders in the Insolvency Zone.” The first episode focused on Europe, with speakers from France (Alexandre Koenig of Stephenson Harwood), Germany (Bernd Meyer-Loewy of Kirkland & Ellis), Ireland (Gemma Freeman of Dentons) and the Netherlands (Krijn Hoogenboezem of Resor). Debra Grassgreen (Pachulski Stang Ziehl & Jones) moderated the discussion.
This is the first in a series of webinars that will cover key jurisdictions around the globe, focusing on developments you and your clients need to consider when thinking about bankruptcy-type proceedings in foreign jurisdictions. What you don’t know may hurt your clients, and you can’t just assume that the same rules apply as in the United States. For this first webinar, the panelists will be examining the situation in France, Germany, Ireland and the Netherlands.
It was great seeing many of you at the Annual Spring Meeting in Washington, D.C., and getting to catch up with you in person. It was three amazing days of educational sessions and networking.
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.
Ben Hobden is a partner in Harneys’ Litigation, Insolvency, and Restructuring group in the Cayman Islands.