In this issue we include coverage of a GRR roundtable: “Can other jurisdictions compete with London and New York as centres of international debt restructuring?” We invited 10 top insolvency and restructuring practitioners – including lawyers, insolvency advisers, a barrister, a financier and a judge – to give their perspectives on emerging centres, including, in particular, Singapore.
Elsewhere, we examine why the collapse of South Korea’s Hanjin Shipping appeared to play out less favourably than that of another South Korean shipper that was arguably indebted more, Hyundai Merchant Marine (HMM). Where HMM managed to restructure via negotiation out of court, Hanjin looks, at the time of writing, to be facing a court-managed liquidation that will throw up all sorts of questions for international creditors and counter-parties. We also ask whether the 1890 Gibbs rule – that a compromise of debt can only be effective when done in accordance with its governing law – is an outdated relic of common law that needs to be revised, in light of a recent Singapore decision to that effect?
Furthermore, our external contributions in this edition include a summary of the changes afoot under the new Indian Insolvency and Bankruptcy Code by Ernst & Young director Pulkit Gupta. GRR editorial board member and Leiden University professor Bob Wessels also uses his Europe column to talk about new EU rules on insolvency registration; our asset recovery columnists, founding partner Edward Davis and partner Annette Escobar of Astigarraga & Davis in Miami, discuss fraudulent transfer and avoidance claims; and the lawyer who crafted Greece’s landmark 2012 debt restructuring, Cleary Gottlieb Steen & Hamilton partner Lee C Buchheit, talks us through what he did as he guest-authors in our sovereign debt column.
Finally, it was with deep sadness that GRR heard of the passing away of one of our editorial board members, E Bruce Leonard, in January. Bruce was a long-time contributor to, and friend of, many different publications created by the company behind GRR, Law Business Research Ltd.
To many in the cross-border insolvency community, Bruce will be most famous for establishing the International Insolvency Institute. Members of the institute submitted several moving tributes to us and we have presented them here, adjacent to an obituary, which we hope fully captures Bruce’s legacy and achievements.
In memory of our friend E Bruce Leonard
In this magazine:
- Bruce Leonard, 1944–2017
- GRR Roundtable: can other jurisdictions compete with London and New York?
- India’s Insolvency and Bankruptcy Code 2016: a Paradigm Shift
- Rough waters: why Hanjin’s rehabilitation process sank
- Is the common law Gibbs rule outdated?
- Europe: Insolvency registers
- Asset Recovery: Open issue - potential claims for fraudulent transfer and avoidance
- Sovereign Debt: The Greek debt restructuring of 2012
- GRR Live London: pensions need new restructuring rules to avoid UK insolvencies
- RESOR Amsterdam Conference: exploring the EU’s proposed pre-insolvency procedure
- National Conference of Bankruptcy Judges San Francisco: is a worldwide moratorium a pipedream?
- NPL Connect Berlin Conference: the “new normal” breeds opportunity for NPL restructuring