International Committee Meeting Minutes
2006 Annual Spring Meeting
During the Spring Meeting, the International Committee jointly
presented an educational program on Chapter 15 with the Young and New
Members and Litigation Committees. With the assistance of many program
participants (including International Committee Co-Chairs Ron Silverman
and Josefina Fernandez McEvoy), the program provided a birds-eye view
of how lawyers, clients and judges would conduct a joint
multi-jurisdictional hearing before two leading jurists.
The program's stage was divided into two sides, with Judge Barry
Russell on one side (in Los Angeles) and Justice James Farley on the
other (in Toronto). Both faced the bankruptcy filings (a Chapter 15 in
the United States and a CCAA in Canada) of a fictitious company named
FuelTech. Most of the participants served as counsel to an interested
party in the proceedings, and each clearly had different interests in
the outcome. Should a DIP be granted by Judge Russell in the United
States despite the fact that FuelTech had first filed for CCAA relief in
Canada before Justice Farley? This tough question, along with many
others, was clearly argued before both Judge Russell and Justice Farley,
allowing all to see the power and limitations of Chapter 15 and the need
for the two courts to deal with country based interests and biases
fairly. Happily, the disputes were educational and the program was
lively, despite the fact that it began at 8 a.m. on Saturday morning.
Overall, all seemed to agree that the program was a great success.
2004 Winter Leadership Conference
The committee will be teaming up with Financial Advisors to present a
joint program on The Outlook for Global Insolvencies and Distressed M
& A in 2005 and Beyond, which will attempt to provide the audience
with a quick global tour of what we have to look forward to in the
coming year. Paul W. Kirk, Managing Director of PWC’s Global
Restructuring Services Group, will be the keynote presenter. Rebecca A.
Roof, AlixPartners LLC, and George M. Kelakos, Heller Ehrman White &
McAuliffe LLP, will serve as co-moderators of the program.
2004 Winter Leadership Conference
The committee will be teaming up with Financial Advisors to present a
joint program on The Outlook for Global Insolvencies and Distressed M
& A in 2005 and Beyond, which will attempt to provide the audience
with a quick global tour of what we have to look forward to in the
coming year. Paul W. Kirk, Managing Director of PWC’s Global
Restructuring Services Group, will be the keynote presenter. Rebecca A.
Roof, AlixPartners LLC, and George M. Kelakos, Heller Ehrman White &
McAuliffe LLP, will serve as co-moderators of the program.
2003 Annual Spring Meeting
The International Committee was honored to hear presentations from
two well-known luminaries in the cross-border insolvency field: Mr.
Justice James M. Farley of the Ontario Superior Court of Justice and Mr.
Terry Bond from the United Kingdom. In keeping with tradition, Co-chair
George M. Kelakos opened the meeting by leading the attendees through a
series of brief Qiqong breathing and movement exercises. Thereafter,
Co-chair Ian G. Williams provided a brief European update; Ian's
comments were followed by a brief update on Latin American developments
by Co-Chair Josefina Fernandez McEvoy.
Josefina reported that the NCBJ and the ABI will host a group of
federal Mexican judges at the NCBJ Annual Conference on October 15-19,
2003. Two of the judges will participate in a plenary panel that will
focus on (a) the judicial and legal framework (b) decision-making and
considerations of jurisdiction and int'l insolvency law applications,
and (c) how to coordinate/cooperate cross border bankruptcy proceedings
between two different courts with a focus on the Mexican-U.S.
connection. The program at the NCBJ will be preceded by a two day
parallel program in Los Angeles that will include the Mexican judge as
well as representatives of IFECOM and other Mexican bankruptcy
specialists. INSOL will also host a cross-border program during the
NCBJ, which will focus on (a) the attorney's point of view, (b)
analyzing a client's situation, (c) discussing the strategy and tactics
employed in designing a reorganization and the process of reorganizing,
and (d) putting primary—but not exclusive—attention on the
Canadian-U.S. business connections.
Thereafter, ABI Vice President-International Affairs Steve Golick
provided a brief recap of the Fourth Symposium on American /Canadian
Insolvency Law.
Co-chair Ian introduced the speakers for the committee program: Mr.
Justice James M. Farley of the Ontario Superior Court of Justice and
Ian's fellow Briton Mr. Terry Bond, banker par extraordinaire. The
program commenced with a presentation by Justice Farley on the
development and chronology of the evolution of cross border cooperation
in cross-border cases. As Justice Farley, one of the most senior
bankruptcy judges in Canada, has been involved in many major national
and international insolvency cases over the years, his comments and
insights enthralled the audience and his conclusions will give rise to
considerable debate in the future.
Terry Bond followed Justice Farley's presentation with a presentation
highlighting the current issues-from the lender's perspective in
cross-border and complex domestic out-of-court restructurings. Terry
Bond, a legend in British Banking, recently retired as head of lender
services at Barclay's Bank where he gleaned vast experience in many
high-profile refinancings and restructurings. Prior to his retirement
from Barclays, Terry was seconded to INSOL to serve as the worldwide
"ambassador" for the INSOL Statement of Principles for a Global Approach
to Multi-Creditor Workouts (the principles may be viewed on INSOL's
website at http://www.insol.org and
is currently Vice-Chairman of the INSOL Lenders Group. In his brief
presentation, Terry highlighted some of the key logistical obstacles to
effective out-of-court workouts/restructurings, most notably the impact
of credit default insurance on the ability to create consensus for a
successful out-or-court restructuring workout.
Both Justice Farley's and Terry Bond's presentation raised a number
of interesting issues for debate. However, there was insufficient time
at the committee meeting to properly explore these issues in an open
forum. The Co-chairs hope that these dynamic speakers will be given the
opportunity to address these issues to a wider audience at a plenary or
concurrent session at a future conference.
Any comments, suggestions or recommendations for future programs,
articles or projects (including articles or materials for the committee
newsletter) should be directed to the committee co-chairs. George M.
Kelakos may be reached at gkelakos@hewm.com, Josefina Fernandez McEvoy
may be reached at jfm@jfmlaw.com and Ian G. Williams may be reached at
ian.williams@geldards.co.uk.
2002 Winter Leadership
Conference
The International Committee enjoyed a well-attended and vibrant
session at this conference. It was hosted by Committee Co-chairs George
M. Kelakos of Heller Ehrman (Los Angeles) and Ian G. Williams of Edwards
Geldard (Nottingham, U.K.). The two guest speakers were Eduardo Martinez
Rodriguez of Martinez, Rodriguez y Asociados (Mexico City) and Shyam
Gidumal of Alix Partners LLC (New York City).
Ian Willians commenced the meeting with a brief update of the general
situation on bankruptcies in Europe, highlighting the considerable
numbers of high-profile failures in Germany. Ian also briefly discussed
the impact of the EU regulation on cross-border insolvency and
highlighted its use in the Enron cases where a Spanish affiliate was
placed into an administration proceeding in the United Kingdom.
Following Ian's presentation, ABI Vice President-International Affairs
Steven G. Golick of Hosler, Hoskin & Harcour LLP (Toronto) provided
a brief summary of the program and events at the upcoming Fourth
Symposium on American/Canadian Insolvency Law (Feb. 24, 2003, in New
York City).
Shyam Gidumal commenced the CLE component of the meeting with his
presentation on some of the cross-border issues that have arisen in the
"mega" telecom cases from a "businessman's" perspective and from his
involvement as an advisor in the WorldCom cases. Mr Gidumal, an
experienced cross-border practitioner, gave an extremely interesting
overview of his experiences in the WorldCom cases, with particular
emphasis on the cultural differences and issues that he has had to
address in Asia in connection with these cases. Mr Gidumal highlighted
the need to be sensitive to cultural issues in order to effectively to
make progress with complex negotiations. Mr. Gidumal's presentation also
provided a fascinating insight into the costs structures and economics
of the telecom business as a whole.
Eduardo Martinez Rodriguez followed Mr. Gidumal's presentation with a
presentation on the New Mexican Commercial Insolvency Law which came
into force on 15 May 2000. Mr. Rodriguez¹s presentation highlighted
Mexico's adoption of the UNCITRAL Model Law and discussed upcoming
initiatives for further reform. The presentation highlighted the forward
thinking approach of the Mexican Government to insolvency proceedings
which is generally to be welcomed by the international insolvency
community as a whole.
Any comments, suggestions or recommendations for future programs,
articles or projects should be directed to the committee co-chairs.
George M. Kelakos may be reached at gkelakos@hewm.com; Josefina
Fernandez McEvoy may be reached at jfm@jfmlaw.com and Ian G. Williams may
be reached at ian.williams@geldards.co.uk.
2002 Annual Spring
Meeting
Co-chair George M. Kelakos opened the joint program with the Finance
and Banking Committee by leading the attendees through a series of
Qigong breathing and movement exercises. Thereafter, Finance and Banking
Co-chair Mark D. Collins made a few introductory remarks and then passed
the gavel back to International Committee Co-chair, Josefina Fernandez
McEvoy. Josefina brought the attendees up to date on the Ecuadorian
insolvency law project that she is spearheading with financial
assistance from the World Bank and reminded the International Committee
members present that the Committee is actively soliciting authors and
content for both the ABI website and the ABI Journal. Thereafter,
Co-Chair George M. Kelakos reported on the status of various ABI
technical assistance projects being undertaken in Thailand (Mediation
Training, Bankruptcy Court Reform and Bankruptcy Law Reform) and briefly
commented on an upcoming educational project that will likely be
conducted this Summer in Beijing that is being spearheaded by Co-Chair
James H.M. Sprayregen. The general committee business portion of the
meeting concluded with a brief mention of an upcoming visit to the U.S.
by Central European judges which is being organized by Judge Samuel
Bufford; the speakers for the CLE program, Ronald L. Silverman (Bingham
Dana LLP, New York ) and Mark F. Liscio (Clifford Chance Rogers &
Wells, New York) confirmed that they would be assisting the visiting
judges during their visit to NYC.
Following these introductory comments, the attendees were treated to
the timely and thought-provoking CLE program led by Ronald L. Silverman
and Mark Liscio entitled "Insolvency Risks Involved in Multinational
Lending: Should Lenders to Multinational Borrowers Beware?". Using a
hypothetical case modeled after a complex cross-border case that the
speakers had been involved in, Ron and Mark quickly focused the audience
on the hot issues faced by parties in complex cross-border workouts and
restructurings. The presentation elicited many comments and questions
from the audience, which included conference attendees from Europe,
professionals with extensive cross-border experience and ABI members
from Europe, Canada and Mexico. The Committee Co-chairs would like to
thank Ron and Mark for both their choice of topic and for the spirited
discussions that they sparked both during and after their
presentation.
On behalf of the Committee membership, the Co-Chairs wish to express
their deepest thanks and gratitude to outgoing Co-Chair Jamie Sprayregen
for his extensive efforts on behalf of the Committee and to welcome the
new Co-Chair of the Committee, Ian Williams of Edwards Geldard
Solicitors, Nottingham, U.K.
Any comments, suggestions , or recommendations for future programs ,
articles or projects should be directed to the Committee co-chairs.
George M. Kelakos may be reached at kelakos@ckmw.com; Josefina Fernandez McEvoy
may be reached at jfm@jfmlaw.com and Ian G.
Williams may be reached at ian.williams@geldards.co.uk.
2001 Annual Spring
Meeting
In keeping with the tradition that was started at the last Winter
Leadership Conference in Scottsdale, Committee Co-chair George M.
Kelakos commenced the meeting by leading the attendees through a series
of short breathing and moving exercises. Once the attendees were
revitalized, the committee turned to general committee business.
Incoming Vice President of International Affairs, Stephen Golick,
reminded the audience about the upcoming Third Symposium on
American/Canadian Insolvency Law which will be held in Toronto on May
25, 2001. Stephen Taylor, of PricewaterhouseCoopers (London) encouraged
the attendees to travel to London for the upcoming INSOL conference.
Finally, Bruce Leonard made a pitch for the International Insolvency
Institute Conference, which is to be held in New York City in June of
this year.
Following a brief discussions concerning general committee business,
the committee launched into the first of the two programs that were
slated for this meeting. The first program involved a report on the
International Insolvency Colloquium from Daniel M. Glosband, Goodwin,
Procter LLP (Boston) and Selinda A. Melnik, Smith, Katzenstein &
Furlow LLP (Wilmington). Dan and Selinda provided their unique
perspectives on the background, proceedings and results of the
Insolvency Colloquium held in Vienna, Austria, which was conducted under
the Joint Sponsorship of UNCITRAL, INSOL and the IBA. Daniel Glosband
also advised the attendees that he had on hand the latest draft of the
UNCITRAL's legislative guide and offered to provide a copy of the draft
to anyone wishing a copy. Dan may be reached by e-mail at dglosband@goodwinprocter.com.
Committee co-chair James Sprayragen then introduced the visiting
delegation from the Peoples Republic of China. As readers may recall, a
delegation from the PRC attended the 18th Annual Spring Meeting in
Washington, D.C. in April 2000. Some of the attendees at this year's
conference were part of the original delegation. This year's delegation
included: Mr. Cheng Ziu Qi, Senior Counsel, Beijing Foreign Investment
Service Center; Ms. Jin Yi Yan, Director, Beijing Tianzhong Law Firm;
Mr. Liu Xiao Jun, Judge, Beijing Higher People's Court in Beijing; Ms.
Xing Li Xin, Judge, Beijing Higher People's Court in Beijing, China; Mr.
Cui Xue Feng, Judge, Beijing First Intermediate People's Court in
Beijing; Mr. Wu Bao Sheng, Judge, Beijing Second Intermediate People's
Court, Beijing, China; Ms. Liu Xiao Ming, Senior Associate, Beijing
Tianzhong Law Firm in Beijing, China and finally, Ms. Katie Pan, Chief
Financial Officer, Turbocomm Inc.—who served as liaison for the
group and translator. Following Jamie's introduction, Mr. Cheng Ziu with
the assistance of Ms. Liu Xiao Ming who translated Mr. Cheng's comments,
delivered a report on the current status of bankruptcy reform in China.
An English translation of the report will be published in the ABI
Journal in the near future.
Any comments, suggestions, or recommendations for future programs,
articles or projects should be directed to the Committee Co-Chairs.
George M. Kelakos may be reached at george.kelakos@cohnkelakos.com,
while Jamie Sprayragen may be reached at james_sprayregen@kirkland.com.
2000 Winter Leadership
Conference
George Kelakos, Co-Chair of the Committee, opened up the program with
a brief breathing exercise based on the ancient Chinese arts of Ch'i
Kung and briefly introduced the program speakers.
The first item on the agenda was a presentation from one of Germany's
most prominent insolvency practitioners, Dr. Eberhard Braun of Schultze
& Braun, (Achern, Germany) and from his U.K. counsel, Ian Williams
of Edwards Geldard (Nottingham, UK) on the FlowTex
Technologie Gmbh & Co. KG case-one of Western Europe's
largest insolvency cases and Germany's largest commercial fraud case. In
spite of the short period of time allotted to the topic, Dr. Braun
managed to provide the audience with a colorful backdrop and outline of
the case, with the assistance of a Power Point presentation.
The main Committee program was on the status of insolvency and
restructuring reform and practice in Hong Kong, with a comparative
overview of the current practices and procedures in Singapore and China
which was presented by three partners of the international law firm of
Lovells. The three presenters were Richard Shean, head of Lovells'
Southeast Asia practice, who is based in Singapore, Joe Bannister, head
of Lovell's Hong Kong practice and Gary S. Lee, of the firm's New York
office. The Lovells team began with a discussion of legal developments
in Hong Kong followed by a comparative analysis of Singaporean and
Chinese law and practice. The Lovells team also focused the audience on
the cultural and social issues faced by lawmakers and practitioners in
the region in connection with debt restructuring and business
reorganization cases in these countries.
George M. Kelakos then provided a brief report on recent and future
ABI educational projects and initiatives in Thailand with the Thai
Central Bankruptcy Court and the Thai Business Reorganization office and
reported on the upcoming program in Beijing in January 2001 in which he,
James Sprayregen, Co-Chair of the Committee, Chief Judge Susan Pierson
Sonderby and William Brandt, Jr. would be participating as panelists.
The meeting concluded with a brief presentation from Josefina Fernandez
McEvoy who reported on her recent attendance at a four-day seminar
sponsored by the World Bank and the IDB. Josefina noted that the World
Bank was interested in obtaining comments to its Global Insolvency
Policy Paper and it was concluded that George Kelakos and James
Sprayregan would coordinate the Committee members' responses and
comments to the World Bank paper. Josefina invited members to contact
her if they were interested in obtaining a copy of the World Bank paper.
She may be reached at jfm@markowitz-fernandez.com.
2000 Annual Spring
Meeting
Following brief presentations by the Committee co-chairs, George M.
Kelakos and Bruce Leonard, the Committee heard a brief report from
Selinda A. Melnick (Smith Katzenstein Furlough LLP, Delaware), the
incoming Chair of the International Bar Association's Committee J, as to
some of the topics that would be covered in the upcoming IBA meeting in
Milan, Italy in June. Thereafter Judge James A. Goodman (District of
Maine), Vice President of International Affairs and Chair of the
newly-formed International Law Library Committee, reported on the
current status of that Committee's efforts to create an on-line library
of the insolvency and commercial laws of the world.
The attendees at the Committee meeting were treated to a presentation
from a visiting five-member delegation from Beijing. James Sprayregen,
(Kirkland & Ellis, Chicago) introduced the delegation and Mr. Cheng
Xiu Qi, Vice Director and Committee member of the Beijing Municipal
Foreign Economic Relations and Trade Commission, assisted by Ms. Liu
Xiao Ming (Associate, Beijing Tianzhong Law Firm), provided a brief
presentation on the status of insolvency laws in China and responded to
a number of questions from the attendees. The other members of the
visiting delegation from Beijing were Mr. Dong Xuening, Vice Director of
Beijing Foreign Investment Service Center, Mr. Wu Wei Hua, from the
Beijing Foreign Economic and Trade Commission and Ms. Jin Yi Yan,
managing director of the Beijing Tianzhong Law Firm).
Alex Moglia (Alex D. Moglia & Associates, Shaumburg) and Josefina
Fernandez McEvoy (Markowitz & Fernandes, Los Angeles) provided a
tantalizing summary of some of the issues that would be covered at the
afternoon session on doing business in Latin America and discussed
recent developments concerning the new Mexican bankruptcy law. For the
main presentation, Daniel Glosband (Goodwin, Procter & Hoar, Boston)
one of the principal drafters of UNCITRAL and proposed Chapter 15 of the
U. S. Bankruptcy Code, summarized the proposed model law and provided
the attendees with his unique insights on the status of the proposed law
and the likelihood of its passage this year.
Committee Co-chair George M. Kelakos provided a brief update on
ongoing ABI projects in Thailand which are being funded through the
support of KIAsia, a non-profit organization charged with administering
joint Thai/U.S. educational projects, including a court administrators
training program, which will involve training of Thai court
administrators in the U.S. and a trip to Thailand in August by a U.S.
delegation led by Frank Szczebak, Chief Administrator of the U.S.
Bankruptcy Courts. The meeting concluded with a brief update by Francis
Conrad (PricewaterhouseCoopers, New York) on recent developments
relating to the passage of the new Ukrainian bankruptcy law. For further
details of ABI's and international initiatives, please refer to upcoming
notices that will be published in the ABI Journal.
1999 Winter Leadership
Conference
Following introductory comments by committee co-chairs George Kelakos
and Bruce Leonard, the International Committee members briefly discussed
several topics, such as the formation of ABI's new International Law
Library Committee, to be chaired by ABI's Vice President of
International Affairs, Hon. James A. Goodman (District of Maine), and
the possibility of a reduced fee structure (in certain instances) to
encourage foreign jurists, professionals and academics to join ABI. The
committee also welcomed new members, including a new international
member, Ian Williams of Eking Manning Solicitors, who hails from
Nottingham, U.K.
Robin E. Phelan (Haynes & Boone LLP, Dallas) gave a brief
presentation on some of the background and issues in Inverworld, a case
pending in Texas that presents interesting cross-border protocol issues.
Thereafter, Hon. Leif M. Clark (Western District of Texas) provided his
comments and insights on the Inverworld issues. John W. Butler (Skadden,
Arps, Slate, Meagher & Flom, Chicago) briefly reported on
developments in the Singer case, particularly on the order
appointing foreign representatives in that case as well as some of the
background surrounding the issuance of the order and its favorable
reception by the many foreign courts involved in this
multi-jurisdictional insolvency proceeding. Mr. Butler also distributed
materials at the meeting; additional copies may be obtained by e-mailing
him at jbutler@skadden.com.
Mr. Kelakos moderated the continuing legal education program entitled
"Asia for Sale: Update on the Distressed Debt Market in Asia," which
focused on recent developments in Japan and Thailand. Christopher F.
Graham (Thacher, Proffitt & Wood, New York) provided up-to-date
insights on the distressed debt market in Japan based on his extensive
experience on the subject with Japanese clients. He also provided
written materials to the attendees. Additional materials may be obtained
from Mr. Graham by contacting him at cgraham@thatcherproffitt.com.
M. Freddie Reiss (PricewaterhouseCoopers LLP, Los Angeles) provided his
insight on the distressed debt market and the reorganization efforts of
distressed companies in Thailand, both out of court and under the new
Bankruptcy Act. Given his firm's leading presence in the Thai market in
this field, Mr. Reiss was able to provide up-to-date commentary on
Thailand's state of affairs. Mr. Kelakos also provided his insights in
Thailand based on his recent experiences over the last two years in
public and private projects in Thailand. He also reported on the
developments concerning the establishment of the independent bankruptcy
court in Thailand and their recent experiences with reorganization
cases. Supplemental materials were disseminated on Thailand; additional
copies of these materials may be obtained from Mr. Kelakos via his
e-mail address listed above.
Due to the press of time, the committee was unable to hear
presentations on ABI's Dominican Republic Joint Cross-border Program on
Commercial Law, Credit and Insolvency from program coordinator Josefina
Fernandez McEvoy (Markowitz & Fernandez, Los Angeles) and the Joint
ABI and Thai Ministry of Justice Educational Program in Bangkok (chaired
by Mr. Kelakos). For information on these programs, please refer to
recent and upcoming articles in the ABI Journal.
1999 Annual Spring
Meeting
Guest speaker Hon. Knut Roennig of Norway gave a presentation on the
bankruptcy law of Norway and took questions. He can be reached at sonsor@online.no.
Trade and Finance Subcommittee Chair E. Bruce Leonard reported on the
latest status of the UNCITRAL cross-border insolvency model law that is
being considered by Congress and several other countries. It appears
that a new chapter substantially reflecting the UNCITRAL proposal will
be incorporated into the bills pending before Congress, which are
expected to be enacted by the end of this year.
Steve Golick, who earlier in the week co-chaired with Bob Feidler the
Second Annual Canadian-American Bankruptcy Conference, reported on that
conference, which was held at the Federal Judicial Center. A transcript
and related documents of the conference will be available in the fall.
Golick reported that (1) there was interest in joint judicial training
on cross-border insolvency with U.S. and Canadian judges, (2) that a
pamphlet highlighting cross-border issues between the U.S. and Canada
similar to the Creditors' Committee Manual may be prepared by
conference attendees and distributed later in the year, and (3) that
plans for a third annual Can-Am conference are being developed.
Judge Charles Case reported on several educational programs he has
delivered in Macedonia and Kyrgyzstan. He indicated they had
comprehensive, progressive bankruptcy codes, but that business knowledge
and experience with insolvency issues of the bench and bar were still
developing. Judge Case did a program in Macedonia in May and, on behalf
of ABI, presented the newly formed Macedonian Bankruptcy Institute a
check for $500 as a gesture of support for this nascent
organization.
Hon. Leif Clark reviewed his experience in the Ukraine, where he has
traveled and lectured on several occasions. That country is currently
amending its bankruptcy laws, and Judge Clark has played a major role in
that effort. He indicated his hope that the committee might undertake to
develop some "universal" training materials that might be used by
faculties in developing countries.
The Dominican Republic will host a conference in November with
several organizations devoted toinsolvency. Josephina Fernandez McEvoy
reported on her efforts in coordinating this conference and welcomed ABI
participation in developing the program.
Several members reported on developments in other countries,
including Indonesia (Ron Silverman), China (Bob Ogle) and France (Paul
De Dree). Jerry Shulkin and Youssef A. Sneifer reported on their
development of a database of insolvency and secured credit laws from
around the world.
1998 Winter Leadership
Conference
Vice President-International Affairs Hon. James Goodman (D-Maine)
reviewed a program for officials from Thailand who had visited the
United States in October to observe and be briefed on insolvency-related
issues. They visited several cities and attended the NCBJ conference.
The committee praised Tom Salerno (Squire, Sanders & Dempsey;
Phoenix) for his role in fundraising for this effort.
E. Bruce Leonard (Cassels, Brock & Blackwell; Toronto) chair of
the Subcommittee on Credit and Finance, gave an extensive report on
cross-border issues and the status of the UNCITRAL Protocol. He reported
that the essence of the protocol had been embraced in a proposed chapter
15 to the Code that had been included in the final Conference Report of
the Congress, but died when the underlying bill failed.
The committee hosted a delegation of 10 Macedonian jurists and
trustees. A representative of the judges and trustees gave short reports
on the Macedonian insolvency law.
The upcoming trip to Israel, sponsored by the committee and led by
project director Ron Silverman (Hebb & Gitlin; Hartford, Conn.), was
discussed. The Feb. 8-12 trip includes presentations by the leaders of
the Israeli bench and bar together with time for recreational
activities.
The committee agreed to conduct the Second Canadian/American
Insolvency Symposium in conjunction with the ABI Annual Spring Meeting
in Washington in April. This program will be limited to leaders from the
Canadian insolvency groups and key people from the ABI involved in
international issues. They will discuss key issues and determine if a
larger conference conducted periodically on Canadian/American issues
would be useful.
Members also discussed recent cases with international ramifications
and the need for a resource center relating to bankruptcy issues, and
several suggestions were made. The committee plans to work closely with
other leadership committees to determine if a separate dues structure
for foreign members from emerging nations might be appropriate.
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