DATES: JUN 29 - JUL 3, 2020 
   
         
VENUE: ILI Headquarters, Washington, D.C., USA      
       
TUITION: $2245    
       

 

 Overview

Inadequate cross-border insolvency policies negatively impact a country's financial and institutional stress and security. It inhibits foreign direct investment; burdens judicial systems; leads to asset outflow; and increases recovery time of financial downturns. Comprehensive legal frameworks that target domestic and international proceedings can counteract these consequences and attract investments and minimize lending risks. This one-week seminar on advanced cross-border insolvency will compare insolvency regimes, analyze model laws, discuss domestic needs and limitations, and introduce the latest developments in the field. Through this course, participants will be able to consider current and potential reforms addressing their country's bankruptcy policies.

 

Course Outline

 

Core Principles for Insolvency

  • Fairness; transparency; accountability
  • Minimizing asset wastage
  • Maximizing recoveries by creditors
  • Minimizing loss of employment
  • Reorganizing businesses

Impact of Inadequate Domestic and Cross-Border Insolvency Laws

  • Economic Impact
  • Cross-border investment
  • Personal liability of officers and directors
  • Off-shoring of Cash Assets
  • Impact on Institutional Lending and Banking; Distress and Rescue Financing
  • Judicial Efficiency
  • Impact on fairness

Relationship between Domestic and Cross-Border Insolvency Laws

  • Stakeholders: Debtor; Banks; Trade Creditors; Employees; Insolvency Representative; Government
  • Regulators; Judiciary; other stakeholders
  • Types of Insolvency Proceedings: Liquidation; Reorganization
  • Extraterritoriality

Review of Cross-Border Insolvency Regimes

  • UNCITRAL Model Law Provisions
  • EC Regulation on Insolvency Proceedings 2015
  • Other robust country-specific laws
  • Comparison of advantages and disadvantages

Discussions on Specific Provisions and Their Impacts

  • Access
  • Application and commencement
  • Eligibility and jurisdiction
  • Commencement standards and applicable laws

Treatment of assets upon commencement

  • Assets included and excluded
  • Protection and preservation of estate
  • Use and disposal
  • Post-commencement finance
  • Treatment of contracts
  • Avoidance proceedings

Conduct of insolvency proceedings: domestic and cross-border

  • Treatment of creditor claims
  • Priorities and distribution of proceeds
  • Treatment of corporate groups
  • Judicial procedure
  • Fraud, asset tracking and recovery

Cooperation and coordination

  • Judiciaries; inter-court communications and interaction Insolvency professionals

Conclusion, discharge and closure of Insolvency Proceedings

Specific Issues

  • Forum shopping
  • Recognition and Enforcement of Insolvency-Related Judgments
  • Buying and selling creditors’ claims against debtor
  • Third party funding of litigation cross-border insolvency of multinational enterprise groups

Program will be infused with case studies and updates on international bankruptcy policies

 

Course Advisor

Don De Amicis is an Adjunct Professor of Law at the Georgetown University Law Center, where he teaches international business transactions, and a Senior Advisor at the International Law Institute. He was previously Vice President and General Counsel of the Overseas Private Investment Corporation, the U.S. government’s development finance  institution, which supports private investment through project finance and political risk insurance. Don was a partner at the international law firm Ropes & Gray, where he focused on finance, corporate law, and restructuring. He is a member of the Sanctions Committee of the Inter-American Development Bank and the Enforcement Committee of the European Bank for Reconstruction and Development, and also serves as an independent arbitrator.