International Insolvency

This panel is devoted to four interrelated topics in Ponzi scheme cases, including (1) distribution methodology issues; (2) criminal vs. civil forfeiture; (3) the tension between U.S. and non-U.S. distribution schemes; and (4) additional issues, including collateral source recovery and the ability to assert personal jurisdiction over extraterritorial plaintiffs to enjoin proceedings that, if brought in the U.S., would violate the automatic stay.

This panel will discuss practice tips during the pre-trial discovery period, as well as during the trial itself, related to the handling of evidence and objections thereto; discuss the proper use of post-judgment motions related to reconsideration and requests to amend findings of fact and conclusions of law; explain the appeals process, including motions for stay pending appeal; and explain certain important local rules, as well as updates that have occurred and those that will be coming.

This panel will explore the ethical considerations and best practices available to attorneys and financial advisors to financially distressed businesses looking to eschew their home court in favor of a U.S. court and the chapter 11 remedy. On the flip side, this panel will also explore the ethical considerations and best practices available to attorneys and financial advisors to creditor constituencies who are trying to keep a case at home and as far away as possible from a U.S. court administering chapter 11. In our age of globalization, where a case is administered can make all the difference; consequently, forum-shopping is often a major consideration for advisors. Advisors to financially distressed companies must ask themselves which practices are ethically appropriate and which are not, as well as which practices “work” to create U.S. jurisdiction and which are not as effective. Conversely, advisors to creditor constituencies must ask themselves what practices are ethically appropriate and most effective to keep a case at home and away from chapter 11.

This panel will explore recent developments with respect to the absolute priority rule using a fact pattern/role-playing approach focused on the “Old San Juan”, a mythical family-owned hotel in Puerto Rico.

Years after the creation of the concept of domestic-support obligations, the panel will discuss how bankruptcy courts have interpreted this concept and how “alimony, maintenance and support” is a key element in BAPCPA cases. The presentation will also highlight the complex relationship between bankruptcy and domestic-relations law, and whether bankruptcy courts are bound by state courts’ determinations when issues of claim classification are raised. This panel will also discuss the criteria for the approval of applications for employment and reimbursement of fees, the role of the different trustees in those processes, the independent role of the bankruptcy judges and the consequences of not filing a timely application. Consideration will be given to the perspectives of debtor’s attorneys, special counsel, other professionals and secured creditors’ attorneys.

In addition to discussing the latest developments and cases under U.S. chapter 15, this panel will also focus on recent decisions dealing with the issues of the “center of main interest” (Fairfield Sentry), individual chapter 15 cases (Kemsley), intellectual property (think3, Inc.) and asset sales (Elpida Memory).

This panel will discuss the source and purpose of the National Chapter 13 Plan Form, explain the concerns surrounding the U.S. Supreme Court case of Espinosa, discuss the Bankruptcy Rules that will accompany the National Form, discuss and explain the National Form’s parts and the provisions contained therein, and cover what the practitioner must consider when the National Form becomes mandatory. The panel will also discuss relevant issues related to properly preparing and filing well-supported proofs of claims, including issues related to transferred and purchased claims. Finally, the panel will address the fairly new Rule 3002.1, which is related to claims secured by a security interest in the debtor's principal residence, including the details and responsibilities that accompany all of that rule's subparts.

Cross-border financings almost always lie at the heart of cross-border insolvency cases, and holding an enforceable lien usually spells the difference between recovery and loss in such cases. This panel will focus on creating, perfecting and enforcing liens on assets held by Caribbean borrowers, as well as on the 2010 amendments to Article 9 of the U.S. Uniform Commercial Code that became effective in July. Topics will include UNCITRAL’s legislative guide on secured transactions, the Organization of American States’ Model Inter-American Law on Secured Transactions, competing forums for resolving disputes over liens on Caribbean assets, Article 9’s choice-of-law rules, and financing concepts peculiar to common law countries in the Caribbean (e.g., the distinction between fixed and floating charges and crystallization).

In 2013, ABI issued its Final Report of the ABI National Ethics Task Force, and the Executive Office for U.S. Trustees set forth new guidelines for reviewing applications for compensation and reimbursement of expenses filed under § 330 of the Bankruptcy Code for attorneys in larger chapter 11 cases. In addition, the Cayman Islands and the Bahamas have experienced developments with respect to retention and compensation of attorneys. This panel will discuss the ethical implications of these developments.

There are many lawyers and business professionals who enter the restructuring world without accounting or business backgrounds and have a learning curve to overcome when it comes to, for instance, getting a snapshot of the current financial picture of a business by reviewing financial statements or understanding what goes into monthly operating reports and cash flow analyses. This webinar will therefore serve as a useful tool for professionals by: *Reviewing in a non-technical manner accounting basics for beginners; *Reviewing financial statements and monthly operating reports and the types of information included in such documents; *Explaining what restructuring professionals look for when reviewing financial statements or MORs to determine the issues facing a given company.