International Insolvency

Co-Chairs’ Corner

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.

2023 Cross-Border Insolvency Program Recap

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).

In re China Fishery Awarded ABI Second Annual International Matter Award

In re Modern Land Receives Honorable Mention

Ultimate Beneficial Bondholder Has Standing to Wind Up Issuer

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.

International Committee Webinar Update

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.