GRR Volume 2 Issue 2
This issue of GRR is dedicated to women in restructuring. Even in the months of planning before GRR was launched, we had always intended to do a women’s survey in the image of positive precedents set by our sister magazines: Global Arbitration Review, Global Competition Review and Global Investigations Review. With the seeming “normalisation” of sexist rhetoric that preceded Donald Trump coming to power as President of the United States, we felt it was more pressing now than ever.
GRR issued a survey inviting women working at all levels in restructuring and insolvency to submit their experiences of working in the field. We aimed to collect a panorama of testimonies and insights, inviting comments from as many diverse voices as possible – and the responses came in their droves. We’ve selected 35 submissions that show the breadth of experience among female practitioners in the field.
In keeping with the theme, this edition of GRR also features an interview with Carlyn Taylor, recently appointed global co-leader of FTI Consulting’s corporate finance and restructuring segment who was named Woman of the Year 2016 by the International Women’s Insolvency and Restructuring Confederation (IWIRC). Taylor discusses what it was like cutting her teeth in the telecoms restructuring boom of the 1990s, and her role mentoring women as a founder of FTI consulting’s Women’s Initiative, FTI WIN.
Elsewhere, we compare how global banks in different jurisdictions are keeping up with constantly changing regulations on capital buffers – and found that it is perhaps regulators who are in fact failing to keep up with the banks’ innovations.
Meanwhile, partners from Linklaters provide a report on Dee Valley, a landmark UK ruling in which a court poured cold water on the use of share or debt-splitting strategies to block an English scheme of arrangement. Lawyers from Weil Gotshal & Manges also discuss the implications for overseas parties of the US Second Circuit Court of Appeal’s reversal of Marblegate – a controversial judgment on noteholder protections under the US’s Trust Indenture Act – and a team from Appleby takes a look at the future of voidable preference claims in the Cayman Islands, following a recent decision in Weavering v SEB that appeared to water down the standard set by local statutes.
And of course, we also have more from our regular columnists: Bob Wessels, a professor at Leiden University and member of GRR’s editorial board, explains how the recast European Insolvency Regulation will deal with cases that derive from or are closely linked to EU insolvency proceedings in his Europe column, while asset recovery columnists Edward Davis and Annette Escobar of Astigarraga & Davis talk about seeking relief against parties not initially named as a debtor in Chapter 15 proceedings.
In this magazine:
- Dee Valley: limits on a dissenting minority blocking a scheme of arrangement
- The fall and rise of the clawback claim under Cayman Islands law
- Women in Restructuring
- Interview: Carlyn Taylor
- Raising the Buffers: how global banks are winning the race to end too-big-to-fail
- Marblegate: what does it mean for European restructurings?
- Pre-insolvency: Spanish homologation proceedings – questions and (some still open) answers
- Europe: international jurisdiction for annex and related actions
- Asset Recovery: Chapter 15 relief for parties not initially named as debtors
- TMA Europe: European banks may choose pre-insolvency proceedings over NPL sales
- EMTA London seminar: investment treaties that block sovereign debt holdout claims
- ABI Caribbean Insolvency Symposium: A View from the Bench
- Book Review: Commentary on the European Insolvency Regulation, Reinhard Bork and Kristin Van Zwieten