International
Insolvency Institute

Fourth Annual III Conference 2004

Fordham University School of Law,
New York City, USA
June 7 – 8, 2004

Conference Co‐Chairs
John A. Barrett, Fulbright & Jaworski LLP, Houston
E. Bruce Leonard, Cassels Brock & Blackwell LLP, Toronto

Summary of Contents

Panel Presentations

  • Examiners and Insolvency Administrators:  Developing Issues and Responsibilities
  • Directors’ Liabilities and Corporate Governance in Insolvency and Pre-Insolvency Cases Worldwide
  • The III Annual Review of Great Transnational Insolvency Cases
  • Coordinating Multinational Insolvency Cases
  • DIP Financing in Multinational Reorganizations
  • Trends and Developments in Asian Insolvencies
  • International Distressed Investing
  • Operating Under the New European Insolvency System
  • Developments and Trends in Latin American Insolvencies and Restructurings
  • Tax Priorities in Bankruptcy Cases Worldwide
  • I.   Resource Materials – International Organization Projects
  • II.  Resource Materials – Domestic Insolvency Legislation (16 countries)
  • III. Resource Materials – Major Cross-Border Insolvency Protocols

The International Insolvency Institute:
Members of the International Insolvency Institute (2004)
III Judicial Liaison Council Members
III Academic Forum Members


Monday June 7, 2004

9:10 - 10:00 Keynote Address 

10:20 – 11:30 Examiners and Insolvency Administrators: Developing Issues and Responsibilities: 

Chair
John A Barrett, Fulbright & Jaworski, Houston

Panel
Dr. Eberhard Braun, Schultze & Braun, Achern, Germany
Hon. Samuel L. Bufford, United States Bankruptcy Court, Los Angeles
Max Mendelsohn, Mendelsohn, Montreal
Barry W. Ridings, Lazard Freres & Co. LLC New York

Papers

11:30 - 12:30 Directors’ Liabilities and Corporate Governance in Insolvency and Pre-Insolvency Cases Worldwide: 

(Presented by the III Committee on Corporate and Professional Responsibilities in Bankruptcy)

Chairs
J. William Boone, Alston & Bird, Atlanta 
Joel R. Ohlgren, Sheppard, Mullin, Richter & Hampton, Los Angeles
Robin E. Phelan, Haynes and Boone, Dallas, (Co-Chairs, III Committee on Corporate and Professional Responsibilities in Bankruptcy)

Panel
Gerhard Gispen, Simmons & Simmons Trenite, Rotterdam
Pekka Jaatinen, Castren & Snellman, Helsinki
Miguel De Avillez Pereira, Abreu, Cardigos & Associados, Lisbon
Jennifer Sutton, Wellington, New Zealand

Papers

2:00 – 3:00 The III Annual Review of Great Transnational Insolvency Cases:

(Presented by the III Committee on Transnational Litigation)

Co-Chairs
Evelyn H. Biery, Fulbright & Jaworski, San Antonio and Houston and Gary S. Lee, Lovells, New York (Co-Chairs, III Committee on Transnational Litigation)

Panel
Marcia L. Goldstein, Weil, Gotshal & Manges LLP, New York
Steven T.Kargman, Export-Import Bank of the United States, Washington, D.C
Judith Elkin, Haynes and Boone, Dallas
Christopher K. Grierson, Lovells, London
Robert J. Rosenberg, Latham Watkins, New York

Papers

3:00 - 4:00 Coordinating Multinational Insolvency Cases:

(Presented by the III Committee on Cross-Border Communications)

Co-Chairs
Gabriel Moss, Q.C., 3-4 South Square Chambers, London and Nick Segal, Davis, Polk & Wardwell, New York (Co-Chairs, III Committee on Cross-Border Communications)

Panel
Sarah Paterson, Slaughter & May, London
Prof. Jay L. Westbrook, University of Texas, Austin
Mr. Justice R.H. Zulman, Supreme Court of Appeal of South Africa, Parklands, South Africa

Papers

4:00 – 5:00 DIP Financing in Multinational Reorganizations:

(Presented by the III Committee on Conventions in Cross-Border Insolvency Financing)

Co-Chairs
Ben B. Floyd, Floyd Jones Rios Wahrlich, Houston
Daniel M. Glosband, Goodwin Procter LLP, Boston

Project Reporter
Professor Susan Block-Lieb, 
Fordham University Law School, New York

Papers


Tuesday, June 8, 2004

9:10 - 10:15 Trends and Developments in Asian Insolvencies:

(Presented by the III Committee on Asian Developments)

Chair
George M. Kelakos, Heller Ehrman WhiteMcAuliffe, New York (Chair, III Committee on Asian Developments)

Panel
Schinichiro Abe, Bingham McCutchen, Tokyo
Professor Charles D. Booth, University of Hong Kong, Hong Kong 
Thomas M. Gaa, Bialson, Bergen & Schwab, Palo Alto
Steven T. Kargman, Export-Import Bank of the United States, Washington, D.C 
Cynthia Pornavalai, Tilleke & Gibbins International Ltd., Bangkok, Thailand 
Arnold M. Quittner, Pachulski, Stang, Ziehl Young, Jones & Weintraub, P.C., Los Angeles
Carson Wen, Heller Ehrman White & McAuliffe, Hong Kong, P.R.C.

Papers

10:40 - 12:00 International Distressed Investing:

Chair
John Wm. Butler Jr., Skadden, Arps, Slate, Meagher & Flom, LLP, Chicago

Panel
William G. Derrough, Jeffries & Co., New York
Evan D. Flaschen, Bingham McCutchen LLP, Hartford
Leonard H. Gilbert, Holland & Knight, Tampa
Hon. Allan L. Gropper, United States Bankruptcy Court, Southern District of New York, New York
Neil McCauley, Standard Chartered Bank, New York

Papers

12:00 – 12:30 Operating Under the New European Insolvency System: 

(Presented by the III Committee on European Union Developments)

Co-Chairs
Gabriel Moss, Q.C., London and Professor Bob Wessels, Holland van Gijzen, Amsterdam (Co-Chairs, III Committee on European Union Developments)

Panel
Martin Bienenstock, Weil, Gotshal & Manges, New York
Professor Harry Rajak, University of Sussex, Brighton
Jonathan Rushworth, Slaughter & May, London
Miguel Torres, Mullerat, Barcelona, Spain
Robert Van Galen, Nauta Dutilh, Amsterdam 

Papers

2:00 - 3:00 Operating Under the New European Insolvency System: 

(Presented by the III Committee on European Union Developments) (Continued)

3:00 - 4:00 Developments and Trends in Latin American Insolvencies and Restructurings:

(Presented by the III Committee on Latin American Developments)

Co-Chairs
Agustin Berdeja-Prieto, Berdeja y Asociados, Mexico City and Victor A. Vilaplana, Seltzer Caplan McMahon Vitek, San Diego (Co-Chairs, III Committee on Latin American Developments)

Panel
Ricardo W. Beller, Marval, O’Farrell & Mairal, Argentina
Gustavo Mata Borjas, Mata Borjas, Priwin, Ferreras & Gorrín, Caracas, Venezuela
Dr. Ricardo Olivera Garcia, Olivera & Delpiazzo, Montevideo, Uruguay
Patricia Toledo, Felsberg e Associados, Sao Paulo

Papers

4:00 – 4:20 Tax Priorities in Bankruptcy Cases Worldwide: 

(Presented by the III Committee on Tax Priorities in Bankruptcy)

Co-Chairs
Hon. James L. Garrity, Jr., Shearman & Sterling, New York
Mr. Justice Ralph H. Zulman, Supreme Court of Appeals of South Africa, Johannesburg, South Africa (Co-Chairs, III Committee on Tax Priorities in Bankruptcy)

Project Reporter
Barbara K. Day, Associate Counsel; Overseas Private Investment Corporation, Washington, D.C.

Papers


A. International Organization Projects

American Law Institute / International Insolvency Institute
Guidelines for Court‐to‐Court Communications in Cross‐Border Cases:

  1. English
  2. Arabic
  3. Chinese
  4. Croatian
  5. French
  6. Georgian
  7. German
  8. Greek
  9. Italian
  10. Japanese
  11. Korean
  12. Portuguese
  13. Russian
  14. Spanish
  15. Swedish

Asian Development Bank
Insolvency Law Reforms in the Asian and Pacific Region: Law and Policy Reform at the Asian Development Bank, Volume 1 (2000)

International Bar Association
Cross‐Border Insolvency Concordat (1995)

International Monetary Fund
Orderly & Effective Insolvency Procedures (1999)

UNCITRAL (United Nations Commission on International Trade Law)

World Bank

Principles and Guidelines for Effective Insolvency and Creditor Rights Systems (2001)


B. Domestic Insolvency Legislation (16 Countries)

(Generously contributed by Hon. Samuel L. Bufford ):


C. Major Cross-Border Insolvency Protocols

Cross‐Border Insolvency Protocol in Re Systech Retail Systems Corporation between the Ontario Court of Justice, Toronto (Mr. Justice J.D. Ground), Court File No. 03‐CL‐4836, (January 20, 2003) and the United States Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division (Hon. A. Thomas Small), Case No. 03‐00142‐5‐ATS, (January 30, 2003) including approval and adoption of the American Law Institute Guidelines for Court-to-Court Communications for Cross-Border Cases.

Cross‐Border Insolvency Protocol in Re Mosaic Group Inc. between the Ontario Court of Justice, Toronto (Mr. Justice J.M. Farley), Court File No. 02‐CL‐4816, (December 7, 2002) and the United States Bankruptcy Court for the Northern District of Texas (Hon. Harlin DeWayne Hale), Case No. 02‐81440, (January 8, 2003), including approval and adoption of the American Law Institute Guidelines for Court‐to‐Court Communications in Cross Border Cases.

Cross‐Border Insolvency Protocol in Re Federal‐Mogul Global Inc. et al. between the United States Bankruptcy Court for the District of Delaware (Hon. Randall Newsome), Case No. 01‐10578, (October 4, 2001) and the Chancery Division of the High Court of Justice of England, (October 1, 2001) and Final Order Approving Cross‐Border Insolvency Protocol in Re Federal‐Mogul Global Inc. et al., United States Bankruptcy Court for the District of Delaware (Hon. Randall Newsome), Case No. 01‐10578, (January 7, 2002).

Cross‐Border Insolvency Protocol in Re Pioneer Companies between the Quebec Superior Court, (Re PCI Chemicals Canada Inc.,) (Madam Justice Danielle Mayrand), Case No. 5000‐05‐066677‐012, (August 1, 2001) and United States Bankruptcy Court for the Southern District of Texas, (Re Pioneer Companies Inc.) Case No. 01‐38259, (August 1, 2001): providing for Court‐to‐Court communications consistent with The American Law Institute Guidelines for Court-to-Court Communications for Cross-Border Cases.

(English) (French)

Cross‐Border Insolvency Protocol in 360Networks Inc. between British Columbia Supreme Court, Vancouver (Mr. Justice D.F. Tysoe), Case No. L011792, (June 28, 2001) and United States Bankruptcy Court for the Southern District of New York (Hon. Allan L. Gropper), Case No. 01‐13721‐alg, (August 29, 2001).

Cross‐Border Insolvency Protocol in Re Laidlaw Inc. between Ontario Superior Court of Justice, Toronto (Mr. Justice J.M. Farley), Case No. 01‐CL‐4178, (August 10, 2001) and United States Bankruptcy Court for the Western District of New York (Hon. Michael J. Kaplan), Case No. 01‐14099, (August 20, 2001).

Cross‐Border Insolvency Protocol in PSINet Inc.et al. between Ontario Superior Court of Justice, Toronto (Mr. Justice J.M. Farley), Case No. 01‐CL‐4155, (July 10, 2001) and United States Bankruptcy Court for the Southern District of New York (Hon. Robert E. Gerber), Case No. 01‐13213, (July 10, 2001) including approval and adoption of the American Law Institute Guidelines for Court-to-Court Communications for Cross-Border Cases.

Cross‐Border Insolvency Protocol in Re Matlack Inc.between Ontario Superior Court of Justice, Toronto (Mr. Justice J.M. Farley), Case No. 01‐CL‐4109, (April 19, 2001) and United States Bankruptcy Court for the District of Delaware (Hon. Mary F. Walrath), Case No. 01‐01114 (MFW), (May 24, 2001) including approval and adoption of the American Law Institute Guidelines for Court-to-Court Communications for Cross-Border Cases.

Cross‐Border Insolvency Protocol in AgriBio Tech Inc. between Ontario Superior Court of Justice, Toronto (Mr. Justice J.M. Farley), Case No. 31‐OR‐371448, (June 16, 2000) and United States Bankruptcy Court for the District of Nevada (Hon. Linda B. Riegle), Case No. 500‐10534 LBR, (June 28, 2000) providing for Court‐to‐Court Communications.

Cross‐Border Insolvency Protocol in Re Manhattan Investment Fund Limited between United States Bankruptcy Court for the Southern District of New York (Hon. Burton R. Lifland), Case No. 00‐10922BRL, (April 2000) and High Court of Justice of the British Virgin Islands (Chief Justice Austin Ward), Case No. 19 of 2000, (April, 2000) and Supreme Court of Bermuda (Mr. Justice Kenneth A. Benjamin), Case No. 2000/37, (April 2000).

Cross‐Border Insolvency Protocol in Re Inverworld, Inc. between United States District Court for the Western District of Texas (Hon. Frederick Biery), Case No. SA99‐C0822FB, (October 22, 1999) and U.K. High Court of Justice, Chancery Division, (1999) and the Grand Court of the Cayman Island, (1999).

Cross‐Border Insolvency Protocol in Re Philip Services Corporation between United States Bankruptcy Court for the District of Delaware (Hon. Mary Walrath), Case No. 99‐B‐02385, (June 28, 1999) and Ontario Superior Court of Justice, Toronto (Mr. Justice Robert A. Blair), Case No. 99‐CL‐3442, (June 25, 1999).

Cross‐Border Insolvency Protocol in Re Livent Inc. between United States Bankruptcy Court for the Southern District of New York (Hon. Arthur Gonzales), Case No. 98‐B‐48312, and Ontario Superior Court of Justice, Toronto (Mr. Justice J.D. Ground), Case No. 98‐CL‐3162, (June 11, 1999).

Cross‐Border Insolvency Protocol in Re Loewen Group between United States Bankruptcy Court for the District of Delaware (Chief Judge Peter J. Walsh) Case No. 99‐1244, (June 30, 1999) and Ontario Superior Court of Justice, Toronto (Mr. Justice J.M. Farley) Case No. 99‐CL‐3384, (June 1, 1999).

Cross‐Border Liquidation Protocol in Re AIOC Corporation and AIOC Resources AG between United States and Switzerland: United States Bankruptcy Court for Southern District Court of New York (Chief Judge Tina L. Brozman), Case Nos. 96 B 41895 and 96 B 41896, (April 3, 1998).

Cross‐Border Insolvency Protocol in Re Solv‐Ex Canada Limited and Re Solv‐Ex Corporation between Alberta Court of Queen’s Bench (Mr. Justice G.R. Forsyth), Case No. 9701‐10022, (January 28, 1998) and United States Bankruptcy Court for the District of New Mexico (Hon. Mark McFeely), Case No. 11‐97‐14362‐MA, (January 28, 1998).

Cross‐Border Liquidation Protocol in Re Tee‐Comm Electronics Inc. between Ontario Court of Justice and United States Bankruptcy Court for the District of Delaware (Hon. Peter J. Walsh), Case No. 97‐1100 (PJW), (July 3, 1997).

Cross‐Border Insolvency Concordat as Adopted by the Council of the International Bar Association Section on Business Law (Paris: September 17, 1995) and by the Council of the International Bar Association (Madrid: May 31, 1996).

Cross‐Border Insolvency Protocol between the United States and Israel in Re Nakash United States Bankruptcy Court for the Southern District of New York, Case No. 94 B 44840, (May 23, 1996) and District Court of Jerusalem, Case No. 1595/87, (May 23, 1996).

Order Co‐ordinating Canadian and United States Reorganizational Plans in Re Everfresh Beverages Inc. Ontario Court of Justice; Toronto (Mr. Justice J.M. Farley), Case No. 32‐077978, (May 15, 1996).

Orders Approving Cross‐Border Insolvency Protocol between Canada and the United States in Re Everfresh Beverages Inc., Ontario Court of Justice, Toronto (Mr. Justice J.M. Farley), Case No. 32‐077978, (December 20, 1995) and United States Bankruptcy Court for the Southern District of New York. (Hon. Burton R. Lifland), Case No. 95 B 45405, (December 20, 1995).

Cross‐Border Insolvency Protocol in Re Commodore Electronics Limited and Commodore International Limited between the United States Bankruptcy Court for the Southern District of New York and the Supreme Court of the Commonwealth of the Bahamas (December 8, 1994).

Cross‐Border Insolvency Protocol in Re Olympia & York Developments Limited between Ontario Court of Justice, Toronto (Mr. Justice R.A. Blair), Case No. B125/92, (July 26, 1993) and United States Bankruptcy Court for the Southern District of New York (Hon. James L. Garrity, Jr.), Case No’s 92‐B‐42698‐42701, (July 15, 1993) (Reasons for Decision of the Ontario Court of Justice: (1993), 20 C.B.R. (3d) 165).

Cross‐Border Insolvency Protocol and Order Approving Protocol in Re Maxwell Communication plc between the United States and the United Kingdom. United States Bankruptcy Court for the Southern District of New York (Hon. Tina L. Brozman), Case No. 91 B 15741, (January 15, 1992) and the High Court of Justice, Chancery Division, Companies Court, Case No. 0014001 of 1991, (December 31, 1991).

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