International Insolvency

Restructuring Abroad vs. Plenary Chapter 11: Part I

Restructuring Abroad vs. Plenary Chapter 11: Part II

Big Stuff on Chapter 11 from the Second Circuit and Elsewhere

Recovery of Funds from a Bankrupt Organizer of a Cryptocurrency Financial Pyramid

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.

Co-Chairs’ Corner

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.

International Committee Webinar Update

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.

Byers v Saudi National Bank [2023] UKSC 51: Supreme Court Offers Clarity on Claims for ‘Knowing Receipt’

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]

Substantive Consolidation in India

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]