International Insolvency

This panel will discuss some key issues under § 503 of the Bankruptcy Code, including substantial contribution claims (§ 503(b)(3)(D)), § 503(b)(9) claims for goods received by a debtor within 20 days of the petition date, and insider incentive payments under § 503(c).

This panel will focus on the ethical risks involved in serving as local counsel, special counsel and conflicts counsel. The panelists will discuss the role of the court in monitoring and reviewing the scope and responsibilities of counsel in each of these roles, and will discuss relevant case law impacting an attorneys’ ethical obligations, both to clients and to the court.

The panelists will discuss current hot issues in cryptocurrency and the ways in which they converge with insolvency proceedings. After providing a brief cryptocurrency overview, the panelists will address legislative and regulatory updates, and their effects on bankruptcy cases. The panelists also will discuss such current cryptocurrency-focused insolvency cases as Cred, Inc., Celsius, Voyager and Three Arrows Capital, and the crypto-specific bankruptcy issues they present.

This panel will address recent decisions, including Modern Land, affecting the standard for recognition of a foreign insolvency proceeding as either a foreign main or nonmain proceeding. Additionally, the panelists will discuss recent decisions concerning third-party releases in chapter 15 cases, including In re PT Pan Brothers Tbk, Case No. 22-10136-mg (Bankr. S.D.N.Y. 2022).

The panel will discuss the impact of the amendments to the Cayman Companies Act, which introduce the ability of a company to restructure under the supervision of a company restructuring officer on grounds that the company is or is likely to become unable to pay its debts and intends to present a compromise or arrangement to its creditors (or classes thereof), either pursuant to the Companies Act (2021 Revision) or a foreign law or by way of a consensual restructuring. These provisions will be compared to and contrasted with U.S. chapter 11.

Bankruptcy judges will discuss the most talked-about current events and controversial opinions in the insolvency world with ABI Editor-at-Large Bill Rochelle.

The panel will discuss the difficulties of enforcing U.S. judgments against foreign assets, the basics of international asset-protection, and U.S. taxpayer traps for the unwary.

ABI's Financial Advisors and Investment Banking and International Committees. International and cross-border disputes often involve collections issues and venue considerations. This panel of experts in cross-border and international litigation will share their professional experiences and insights on how best to approach these types of claims, and ways to collect on them.

Resolved: Bankruptcy courts do not have the authority to approve nonconsensual releases of direct claimsheld by third parties against nondebtors as part of a chapter 11 plan or reorganization. Pro: Hon. Eugene R.Wedoff (ret.); Con: Marshall S. Huebner Resolved: Trustee requests of debtors for documents andinformation beyond that already required by the Code and Rules should not be routinely undertaken, butinstead should be limited to inquiries suggested by issues arising in specific cases. Pro: Tiffany L. Carroll;Con: Gary R. Stickell Resolved: The Seventh Circuit was wrong in Sheehan v. Breccia Unlimited Co. (In reSheehan), 21-2946 (7th Cir. Sept. 9, 2022), when it barred U.S. bankruptcy courts from stopping foreigncreditors from taking action against a debtor’s assets abroad when the U.S. court has no general or specificpersonal jurisdiction over the creditors. Pro: Hon. Christopher S. Sontchi (ret.); Con: Hon. David R. Jones.

This panel will discuss some of the more interesting aspects of the asset-recovery process as it relates tolocating foreign assets (i.e., Russian yachts). The panelists also will focus on post-COVID-19 issues, includingsituations where banks were not monitoring collateral as closely as they should have been and are nowhaving trouble locating said assets and selling them, particularly in international cases where the bankruptcyis abroad but the parties are seeking recognition in the U.S.