Welcome to the first edition of Global Restructuring Review, our magazine on cross-border insolvency and restructuring that will be published every two months. In this first issue, we list 40 cross-border insolvency and restructuring lawyers under 40 who are the fresh faces to watch on the circuit. This top 40 of lawyers was whittled down after months of research, nominations from prominent senior practitioners, client references and peer-to-peer voting.
You will also see that we’ve been showing our own face out and about a fair bit. GRR met sovereign debt academic Ignacio Tirado at the American Bankruptcy Institute’s 11th International Insolvency and Restructuring Symposium in Madrid, where he discussed the need for an international treaty on foreign debt restructuring.
We also attended INSOL Europe in Berlin, where topics included the brave new world of harmonisation of insolvency laws – or the lack thereof, particularly when it comes to dealing with intangible assets such as IP rights.
Last September, we went to Miami for the National Conference of Bankruptcy Judges’ annual meeting and the autumn conference of the International Women’s Insolvency and Restructuring Confederation. Judges at the NCBJ comprehensively tackled the subject of restructuring multinational corporate groups – a topic that is currently keeping UNCITRAL’s Working Group V very busy as it considers new additions to the Model Law on Cross-Border Insolvency. Following the IWIRC event, we interviewed their Woman of the Year 2015, Sheila Smith – a Deloitte consultant and former leader of its restructuring services for the Americas – who talked about championing women in the industry, work-life balance and teaching newcomers how to network effectively so they get work, and get noticed.
This issue also promises opportunities to learn new things from past cases, as Nassau-based partner Sophia Rolle-Kapousouzoglou of Lennox Paton considers whether the Supreme Court in the Bahamas missed a cross-border opportunity when it prevented the debtors of beleaguered hotel mega resort, Baha Mar, from restructuring in the US. She examines what the obstacles were and what practitioners might take away for the future.
Finally, we introduce some regular features you can expect to find in forthcoming editions: our sovereign debt column by partner Andrew Shutter from Cleary Gottlieb Steen & Hamilton, and a column on asset recovery overseen by Edward Davis of Astigarraga & Davis in Miami.
In this magazine:
- The GRR 40 Under 40
- Baha Mar: A missed opportunity?
- Ignacio Tirado
- Sheila Smith
- Sovereign Debt: Collective action clauses
- Asset Recovery: Is insolvency the nuclear bomb of asset recovery?
- IWIRC tackles energy sector woes and public debt
- It’s good to talk: court-to-court communication in cross-border bankruptcy proceedings
- A pontification on the restructuring of corporate groups
- INSOL Europe – Berlin: Bear Market
- Cape Town: Africa roundtable examines how to improve secured lending