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Whether it is the time lag depicted in Future Shock by Alvin Toffler in 1970 or the relativity of time by Yual Hararri in The History of Homo Sapiens, we have never felt the fast pace of a changing world as we are witnessing now. The rapid pace of digitalization, investment opportunities across the world and exchange of technologies have shrunken the world to a click of a mouse. In this rapidly changing scenario, no investor can survive by restricting themselves to the boundaries of a nation, which results in having assets across more than one territorial jurisdiction.
The International Committee hosted an in-person happy hour social during INSOL London 2022 on June 27 at the conference hotel, the JW Marriott Grosvenor House London. Thank you to everyone who attended to mix-and-mingle with fellow ABI members; we had a blast!
We hope this newsletter finds you enjoying the lazy days of summer and maybe even getting to do some international traveling. Keep reading to hear all the amazing things the International Committee has been up to.
Welcome to Our New Committee Members
The International Committee continues to grow, and we’d like to extend a particular welcome to our newest members. You can read a bit about some of our newest members in the “New Member Spotlight” section of the newsletter. Our new members perfectly highlight the international reach of this committee.
We are pleased to announce that, with the help of ABI’s Karim Guirguis and his team, the Global Insolvency website (globalinsolvency.com) has had numerous updates that will enhance its visibility, add significantly more valuable content, and draw more viewers to the site. In addition to branding Global Insolvency as an ABI-affiliated website, a globalinsolvency.com link has been added under “Featured Links” on the ABI website landing page.
The ABI International Committee is actively soliciting nominations for the First Annual ABI International Committee Matter of the Year Award. The details are set forth below.
Nomination Deadline: September 15, 2022.
Criteria
Each submission should address how the matter (the “Matter”) satisfies the following criteria:
Maximizing value for creditors is one of the paramount objectives of the Canadian insolvency system. Where the value is in a business varies in each situation. Depending on the nature of the business, a debtor company may have crucial licenses or contracts that are not transferrable but are necessary in order to operate. In another example, an entity may have significant tax losses that may be a driver of value, but the path to a successful plan of arrangement is uncertain or the debtor has insufficient resources to pursue a plan of arrangement in Canada.
On March 7, 2022, the U.S. Supreme Court in Estate of Omar Fontana v. ACFB Administração Judicial Ltda.-ME, No. 21-828 (U.S. Mar. 7, 2022), denied a petition for review of a decision by the Eleventh Circuit, In re Transbrasil S.A. Linhas Aéreas, 860 Fed. Appx 166 (11th Cir. 2021). The Eleventh Circuit held that an order denying a motion for a protective order to shield parties from discovery subpoenas in a chapter 15 proceeding was interlocutory and thus not final and appealable. [1]
Mexico adopted the UNCITRAL Model Law on Cross-Border Insolvency (MLCBI) in May 2000, when the current Business Reorganizations Law (Ley de Concursos Mercantiles) (LCM) was enacted. It was incorporated in Title XII of the LCM, which contains essentially the same provisions as the MLCBI, with a few additions. It distinguishes between main insolvency proceedings and non-main insolvency proceedings. The former should take place in the debtor’s center of main interest, and the latter should take place in jurisdictions where the debtor has an establishment.
Welcome to the ABI International Committee’s Spring 2022 Newsletter. We thank all the members of the committee for their continued support, and we encourage you to get involved with the committee over the coming year. Please reach out to us if you are interested in contributing to a future newsletter, have an idea for a conference panel, or just want to get more involved.
