GRR Volume 2 Issue 4
Back in June, GRR launched its first 100 list of approved cross-border restructuring and insolvency firms – the culmination of months of research and data-gathering. Amid the many questions we asked law firms, we stuck in a request for them to tell us any changes they were observing about where their work was coming from. Who is hiring? Are there any differences in the way they are hiring? When they are hiring? The responses slotted together surprisingly well and revealed some interesting trends about the restructuring and insolvency sector, which can only proliferate as more legislation aimed at saving companies and facilitating cross-border work is rolled out. We present the results in this edition.
Elsewhere, GRR attended an UNCITRAL Congress celebrating its 50th annual session in Vienna in July, where speakers presented 10 creative ideas for what Working Group V should tackle next. Those ranged from a model law on sovereign debt restructuring, to provisions tackling micro, small and medium-sized companies, and a choice of law “to die by”. We also have an exclusive interview with Judge Kevin Carey from the US Bankruptcy Court for the Dirstrict of Delaware, plus reports from the 6th annual Singapore Insolvency Conference - where a new insolvency bill was revealed - and the German Bar Association’s 6th annual European Insolvency and Restructuring Congress in Belgium.
On the subject of Europe, our regular EU columnist, Leiden University emeritus professor Bob Wessels, took part in a Q&A with us to discuss who controls Annex A of the newly recast European Insolvency Regulation (EIR) – a list of all the EU insolvency proceedings to which the recast EIR applies. Wessels assesses changes in the way that member states apply to have new types of proceedings added to the list, in light of the many new pre-insolvency processes expected to follow last November’s draft EU Harmonisation Directive.
We also have a special feature on retail insolvency from Howard Morris, head of Morrison Foerster’s business restructuring and insolvency group in London. Morris argues that retailers should look to the insurance industry for inspiration and shun speedy liquidation in favour of being run down slowly. Finally, we have our pre-insolvency column in association with TMA Europe, which is brought to you this bimonthly edition by Simon Wroblewski, Rüdiger Wolf and Ralf Moldenhauer at The Boston Consulting Group in Germany.
In this magazine:
- EIR Recast: Who’s in charge of Annex A?
- Interview: Judge Kevin Carey
- GRR 100 data: Where is the work coming from?
- A “palliative” approach to insolvency in the retail world?: The argument against quick liquidations
- Pre-Insolvency: Preventative restructuring in Germany after the EU directive
- Europe: Opting-out of group coordination proceedings
- UNCITRAL 50th Annual Congress Vienna: What UNCITRAL did next
- Singapore Insolvency Conference: “game changing” reforms as new insolvency bill revealed
- German Bar Association Congress: Are EU harmonisation efforts “using a sledgehammer to crack a nut”?