International Insolvency

This panel will take an in-depth look at chapter 15, focusing on the Judicial Insolvency Network's cross-border guidelines, as well as guidelines for communication and cooperation between courts in cross-border insolvency matters, and modalities of court-to-court communication.

This session will highlight particularly interesting case law developments to date in 2019 and their impact on bankruptcy law and practice.

The panelists will tackle the domestic reach of a foreign stay (Sanjel); non-U.S. companies filing for chapter 11 and the consequences thereof (Ocean Fisheries); recognition of foreign judgments more generally; and recent cases filed in Canada (Concordia and the CBCA).

Various factors have combined to result in low crude oil prices that are not expected to rebound significantly and not to a point where OPEC countries will be able to cover their operating deficits. This panel will explore the issues facing the OPEC countries and discuss how these issues will impact the global economy and insolvency practice in the coming years.

The panel explores the challenges with foreign asset discovery in chapter 15 proceedings. Most foreign discovery is obtained either pursuant to Federal Rule of Bankruptcy Procedure 2004 or through the application of the Hague Convention. But how effective are these methods given the cumbersome and often complicated process of obtaining discovery? Are there more effective and efficient methods toward obtaining these results? Do other foreign jurisdictions have less cumbersome and more expedited processes to propound this type of discovery? The discussion includes commonly faced issues in obtaining discovery when locating and seizing assets, how to obtain records to determine the financial condition of the parties, and how foreign law may work to limit discovery.

Hosted by the International and Young & New Members Committees This panel will discuss the advantages and disadvantages of filing bankruptcy under chapter 15 vs. chapter 11 in the U.S. where the prospective debtor is a multinational company, and the potential consequences of each type of filing across the capital structure of the company (e.g., secured creditors, unsecured creditors, equity, etc.). The panelists, all ABI 2017 ""40 Under 40"" honorees, will contrast the insolvency laws of specific countries with the U.S. Bankruptcy Code, and explain how these comparisons can ultimately guide a company's decision on whether to file in the U.S. and, if so, under what chapter.

This panel will explore the effectiveness (and, sometimes, lack thereof) of creditor strategies to restrict by contract a borrower’s ability to obtain bankruptcy relief, whether by limiting the ability of a corporate borrower to seek bankruptcy relief without certain stakeholder approvals, limiting the type of available bankruptcy relief, choosing which country’s bankruptcy laws will apply to an insolvency proceeding involving the borrower, bankruptcy-remote structuring techniques, and other means. For example, the U.S. Court of Appeals for the Fifth Circuit recently upheld a “golden share” arrangement whereby a creditor was able to prohibit the debtor limited liability company from filing bankruptcy; and in the international realm, choice of law clauses have at times limited a debtor’s ability to obtain relief under the Model Law for Cross-Border Insolvency. This panel will also explore variations in international public policies with respect to restrictions on a borrower’s ability to seek bankruptcy relief.

This panel will examine the effects thus far of the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA), as well as Puerto Rico’s economy, including where it came from, where it is now and where it is going.