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| Recent Developments in Practice: New York, Delaware and Singapore |
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Weeks before Hanjin Shipping sought protection from its creditors in Korea, I got an unexpected call: “Tally, I think one of the world’s largest shipping companies is going to file for bankruptcy in Korea and seek chapter 15 protection in New York, are you up for being my local counsel?” This was in early August 2016, and my life has not been the same since.
Come November 2016, there was a lull in the main case in Seoul, Korea and the ancillary chapter 15 proceedings in Newark, N.J., long enough to enable me to co-author an article for the ABI Journal with Prof. Adrian J. Walters of IIT Chicago-Kent College of Law. The volume of questions and comments that resulted necessitated adding storage space to my domain, and I have since been asked what I make of matters in shipping cases ranging from the Internal Revenue Service filing priority claims in the hundreds of millions of dollars in Toisa Ltd.’s chapter 11 proceedings pending before the U.S. Bankruptcy Court for the Southern District of New York to the relief sought in the chapter 15 proceedings of Ocean Rig in the same district. And more!
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| Save the Date: NYC Cross-border insolvency program |
The 2017 Cross-Border Insolvency Program returns to New York City on November 7. Hosted at the Davis Polk & Wardwell LLP Conference Center, attendees will hear from leading restructuring professionals on pressing issues to the cross-border community, and have ample opportunity to network with their peers. Watch your inbox for a full list of sessions and speakers, coming soon!
Want more info on cross-border issues now? The New York City Bankruptcy Conference hosted a Cross-Border Panel that discussed the domestic reach of the foreign stay (Sanjel) and recognition of judgments/rulings in cross-border cases, including offshore bankruptcies and non-U.S. companies filing for chapter 11 (Ocean Fisheries, Hanjin and Abengoa). |
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| Annual Committee Awards Announced at ASM |
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At this year's Annual Spring Meeting, Paul Hage, immediate Co-chair of the Unsecured Trade Creditors Committee, was given the "Committee Leader of the Year" award for his continued efforts with the committee. With the help of his leadership team, Paul led the UTC to a successful year that included publishing 5 newsletters and a “Representing the Creditors' Committee: A Guide for Practitioners”, opening the first committee LinkedIn group, and hosting bi-monthly committee calls and two webinars. Paul will now join the Technology & Intellectual Property Committee as Education Director. Congratulations, Paul!
The Commercial Fraud Committee was recognized as "Committee of the Year" for all the work that was completed in 2016. During 2016, the Commercial Fraud Committee was able to publish a total of 8 newsletters, co-host a networking reception at the Winter Leadership Conference, host
two webinars, and hold several committee calls on a variety of topics.
In the photo above at left, Rick Rein (Education Director, Commercial Fraud) and Paul Hage (right - Co-chair, UTC) receive their leadership awards from Scott Williams (center), ABI's immediate Vice President of Membership. |
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| The Potential for, and the Challenges of, Mediation in Cross-Border Insolvencies |
The International and Mediation Committees recently held a session at this year's Annual Spring Meeting titled "The Potential for, and the Challenges of, Mediation in Cross-Border Insolvencies." This panel discussed the evolution of mediation in cross-border insolvencies and how it is utilized today. It also provided insight into how cross-border mediations differ from U.S.-centric mediations, when cross-border mediations are most (and least) effective, and how mediators and professionals can best prepare themselves and others for successful cross-border mediations.
Speakers for this panel included:
- William A. Brandt (Moderator) - Development Specialists, Inc.; New York
- Peter Borowitz - Mangrove Mediation; Bonita Springs, Fla
- Jacob A. Esher - MWI - CBI; Beverly, Mass.
- Justice Glenn A. Hainey - Superior Court of Justice - Toronto Region
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| ABI to Name Industry's Top 40 Under 40 |
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ABI is looking for innovators, disruptors and risk-takers who are creating change in our industry. Candidates will be distinguished by professional achievements and service, and will be selected by a group of experienced professionals from ABI’s leadership. The person does not have to be an ABI member to apply or to be nominated. Submissions are due July 31.
Help us find the future leaders of our industry - nominate a rising star! |
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©2017 American Bankruptcy Institute . All rights reserved.
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