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Insolvency Law

Expert guidance on all aspects of corporate and personal insolvency

05 JUL 2012

IEAF Summer Newsletter from Dr Omar

Dr Paul Omar has published the latest IEAF newsletter. Here are the details: 


Third Quarter 2012 (July-September)


 A – Past Events


1. Joint Conference 2012 (Nottingham, 28-29 June 2012)


The Academic Forum’s Sixth Joint Conference was a collaboration with the Nottingham Law School, located within the City of Nottingham in the East Midlands. The conference had as its theme: “Too Big to Fail? Large National and International Failures under the Spotlight”. The intention of proceedings was to chart major developments in recent years, particularly in light of the on-going financial crisis, with respect to the insolvency of major components of the banking, business and financial environments. After an introduction and welcome by Jim Luby (President, INSOL Europe) and Professor Andrea Nollent (Dean, Nottingham Trent), the first day’s discussion was entirely devoted to the theme of Banking and Financial Services, including a joint presentation by Professor Andy Campbell (Leeds), Paula Moffatt (Nottingham Trent) and Rebecca Oliver (Norton Rose) on “Protecting Vital Financial Services on Bank Failure”, followed by papers from Jessica Schmidt (Jena) on “ESRB and ESMA as the EU’s Regulatory Answer to the Crisis in the Financial Sector: A Critical Analysis” and Michael Schillig (King’s College) on “Resolution Regimes for Financial Institutions in Europe and Beyond”. These were accompanied by further contributions from Martine Gerber-Lemaire (OPF Partners, Luxembourg) on “Decisions concerning the Failure of Three Icelandic Banks: Three Different Pragmatic Approaches”, Virginia Torrie (Kent) on “Group Insolvency of the Third-Party Asset-Backed Commercial Paper Market in Canada” and Alexandra Kastrinou (Westminster) on “A Thin Line between Legitimate and Incompatible State Aid”. The day’s proceedings were concluded with a reception and dinner in the surrounds of the Carriage Hall, Plumtree, Nottingham, where, following an introduction by Neil Cooper, Mr Justice Norris set out in his after-dinner speech the challenges facing modern insolvency and some of the research judges would like to see occur with concomitant benefit to the development of modern insolvency law.


The second day opened with the morning devoted to Enterprise and Group Insolvencies, in which papers were given by Catarina Serra (Minho) on “The Rescue of Large Corporations: Is the Portuguese Insolvency Act suitable?”, Richard Sheldon QC (3/4 South Square) on “Hell as explained - A case study of Hellas Telecommunications SARL”, Aishah Bidin (University Kebangsaan Malaysia) on “The Rescue of Large Companies – A Malaysian Perspective”, Xian-Chu Zhang (Hong Kong) on “Too Big to Fail with Chinese Characteristics” as well as Arie Van Hoe (Antwerp) on “The Treatment of Enterprise Groups in Insolvency: Towards a Principles-Based Approach”. These were joined by two papers on ancillary topics given by Dr Rodrigo Olivares-Caminal (Queen Mary) on “Sovereign Debt Crises: Statutory v Market Approach—Somewhere in between ? (not really!)” and Rolef de Weijs (Amsterdam) on “What insolvency law has to say about TBTF and vice versa”. Proceedings were concluded in the afternoon with a special presentation from Andres Martinez (World Bank) on “Insolvency reform trends - Eastern Europe and Central Asia” and a round-table forum in which he was joined by Catherine Bridge (EBRD) and Adrian Walters (Chicago-Kent) in which presentations were made of work in progress at the international institutions as well as reforms occurring to Chapter 11 in the United States. The conference then concluded with an envoi by Professor David Burdette (Nottingham Trent).


B – Upcoming Events


2. Annual Conference 2012 (Brussels, 10-11 October 2012): A Preview


The Academic Forum’s Annual Conference will take place on 10-11 October 2012 at the Conrad Brussels Hotel. The themes of the annual conference include the treatment of creditors generally, with special emphasis on the position of secured creditors, the use of workouts and other informal procedures as well as arbitration.


The discussion begins with the first day devoted to the treatment of creditors with eight papers over two sessions. Under this rubric, Arvind Abraham (UCLA) will be providing in the first session a presentation on “A Comparison of the Security Systems of the US and UK”, while Michael Schillig (King’s College London) looks at “The Legal Framework for Retention of Title Clauses in Europe”. Joining them will be Melissa Vanmeenen (Antwerp) giving a paper on “The Unsecure Position of Secured Creditors under the Belgian Continuity Act” and Dr Tomas Richter (Charles University Prague) with an insight into “Allocating Decision-Making Powers among Creditor Classes in Czech Insolvency Proceedings”. The second session will begin with Dr Roel Fransis (Leuven) discussing “The Contractual Subordination of Claims – A Comparative View”, while Dr Sandra Frisby (Nottingham) examines “The ‘Profiling’ of Creditors in UK CVLs and Administrations”. Offering a perspective from outside the EU, Professor Anneli Loubser (UNISA) will look at “Post-Commencement Financing and the Ranking of Claims – A South African Perspective”, followed by Anto Kasak (Tartu) and the question of “Which Types of Claims should be preferred in Insolvency Proceedings and How?” Concluding the first day will be a reception followed by the traditional dinner for academic delegates and their guests.


The second day opens with a general session regrouping the other themes of the conference. Here there will be a paper by Dr Alexandra Kastrinou (Westminster) offering “A Comparative Analysis of the Informal, Non-Insolvency Procedures of the UK and France”, followed by Alla Bobyleva (Moscow Lomonosov) with an “Analytical Review of Informal Workouts and Non-Insolvency Procedures in Russia: examples of failure and success”. They will be joined by Gerry McCormack (Leeds) on “European Conflicts and Insolvency Law – Arbitration and The Brussels I Regulation” and Daniel Austin (Northeastern Boston) on “Pre-packs, Structured Dismissals, and Liquidating 11s: New Challenges for Creditors in US Bankruptcies”. As is usual at annual conferences, space on the programme is also devoted to papers by members of the Young Academics Network, featuring this year Petr Sprinz (Palacky in Olomouc) on “Secured Creditors in Insolvency under the Czech Law: Status, Problems and Perspectives”, Olga Lvova (Moscow Lomonosov) on “Russian Insolvency Law: the mechanism for the creditors’ protection or the opportunity to raid the company?”, Ieva Baranauskaite (2011 Turton Award Winner) on “Fraudulent Bankruptcy and the Phoenix Effect” as well as Ekaterini Sabatakakis (Strasbourg) on the “Free Movement of Insolvency Judgments versus Public Policy”. The proceedings will conclude with the fifth Edwin Coe Lecture given this year by Mahesh Uttamchandani, Senior Counsel at the World Bank, on a topic to be advised.


Please note that the academic agenda forms part of the main conference registration brochure (pp. 14-15) and is available at: <http://www.insol-europe.org/download/file_/6583>, while the conference on-line registration facility is available at: <http://www.insol-europe.org/events/brussels-2012-registration>.


3. Future Conferences 2013-2014


The annual conference in 2013 will be held in Paris on 25-26 September 2013 (Wednesday-Thursday). Negotiations are currently taking place for a venue for the 2013 half-year conference to occur in March/April 2013. The conferences in 2014 have been provisionally programmed for Leiden (Joint Conference with Leiden Law School) and Istanbul (Annual Conference). Information about all these conferences will be made available on the Academic Forum website in due course.


C – Upcoming Events (Cognate Associations)


4. Conference on the Revision of the European Insolvency Regulation 2012 (Leipzig, 14 September 2012)


A drafting committee of INSOL Europe (chaired by Robert van Galen) has prepared an extensive proposal for the revision of the European Insolvency Regulation, which has resulted in a report that has recently been submitted to the Commission of the European Union and is now available on the INSOL Europe website at: <http://www.insol-europe.org/technical-content/revision-of-the-european-insolvency-regulation-proposals-by-insol-europe/>.


A seminar will follow on Friday 14 September 2012 on the revision of the EIR in general and on this report in particular. It will be jointly hosted by INSOL Europe and the Ernst Jaeger Institut of Leipzig University (Germany). The agenda will include, firstly, a survey of the proposed amendments of the EIR will be given. Following this, a number of speakers will give a critical review of the main subjects, such as the location of COMI, a new chapter on the insolvency of groups of companies and a new chapter with provisions on insolvency proceedings opened outside the European Union. At the end of the seminar, a summary panel will provide further suggestions for the revision of the text under scrutiny.


Further details of the conference will be available shortly at the INSOL Europe website or from Caroline Taylor via e-mail at: <carolinetaylor@insol-europe.org>.


5. INSOL International Academics Group (The Hague, 18-19 May 2013)


The 15th meeting of the INSOL International Academics Group is being organised to coincide with the 2013 INSOL International regional conference in The Hague. The academics will meet on the weekend ahead of the main conference, on Saturday 18 and Sunday 19 May 2013. A call for papers will be issued in due course and intending participants are also welcome to submit proposals for papers which they would be prepared to present, if the topic is adopted. All proposals should be sent to Professor Ian Fletcher, the Chair of the Group at: <i.f.fletcher@ucl.ac.uk> with the subject header in the e-mail noting: “The Hague Conference 2013”.


D– Edwin Coe Travel Grants and Prizes for Outstanding Legal Scholarship


A number of travel grants were awarded to attend and present at the Brussels Annual Conference. Applicants who were successful in the competition were: Alexandra Kastrinou (Westminster), Olga Lvova (Moscow Lomonosov), Ekaterini Sabatakakis (Strasbourg) and Petr Sprinz (Palacky in Olomouc). A Junior Prize for Legal Scholarship was awarded this year to Signe Viimsalu for the publication titled “The Meaning and Functioning of Secondary Insolvency Proceedings” (2011, Tartu University Press, Tartu).


E - Book Projects/Conference Reports


Professor Rebecca Parry of Nottingham Trent University is in the final stages of completing the editing of the conference collection for Venice 2011, while Paul Omar is editing the Jersey 2011 booklet, both of which will appear over the summer in time for the Brussels Conference. A date will be set for submissions for the Nottingham 2012 conference proceedings booklet in due course.


Information about the series, including all the conference proceedings booklets, may be viewed at: <http://www.insol-europe.org/publications/technical-series-publications>.


F – Newsletter Appeal for Information


If recipients of this newsletter wish to advertise conferences, workshops or other insolvency-connected events as well as note research projects and possible collaborations, either in future editions of the newsletter or on the INSOL Europe Academic Forum website or Facebook page, please contact the Secretary at: <paulo@sussex.ac.uk>, or <khaemwaset@yahoo.co.uk>."

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