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Vision Statement

 

The tremendous movement toward economic globalization, the ever-increasing integration of international business and commerce and the increasing inter-dependence of business enterprises in the global economy have produced the need and the opportunity to create an effective and focused international insolvency organization.  This memorandum briefly describes the goals and objectives of that organization, the International Insolvency Institute.

 

The International Insolvency Institute is a non-profit, limited-membership organization dedicated to advancing and promoting insolvency as a respected discipline in the international field.  Its primary objectives include improving international co-operation in the insolvency area and achieving greater co-ordination among nations in multinational business reorganizations and restructurings.

 

The Institute's membership is drawn from the most senior and respected insolvency practitioners, judges and academics in the world and it has valuable liaisons with many of the most senior regulatory and administrative professionals in the insolvency field.

 

The Institute, due to its exceptional membership, its international leadership, and its resources, plays a valuable and highly significant role in the international insolvency field.  It has achieved a worldwide reputation and is developing into a catalyst for improvement and change in the international insolvency area that has few, if any, equals.

 

The Institute's projects and activities focus on the following goals and objectives (among others):

1.promoting greater international co-operation and co-ordination in insolvencies and reorganizations through improvements in the law and in legal procedures;

2. studying, analyzing and providing solutions to problems in cross-border insolvencies and reorganizations;

3. providing a forum for leading judges, academics, lawyers, accountants and financial regulatory professionals to share experiences with a view to improving international lending and credit and creditors' remedies;

4. providing a unique and comprehensive central resource for insolvency, secured transactions and creditors' remedies, materials and publications; and

5. developing co-ordinated systems and procedures for international co-operation that are suitable and acceptable to all of the member countries of the Institute.

The Institute's International Resource Centre is developing a collection of international insolvency materials that will be unequalled anywhere in the world for comprehensiveness and accessibility.  The Resource Centre emphasizes electronic sources for insolvency materials and collects texts, periodicals and unpublished studies and analyses that focus on the international insolvency area.

 

Because of the exceptional contributions made by the bankruptcy and insolvency judiciary to improving co-operation and harmonization in multinational cases, the Institute emphasizes judicial participation in its Conferences and its projects and activities by leading bankruptcy and insolvency judges from around the world.

 

The Institute has established formal and informal liaisons with leading bankruptcy and insolvency organizations.  It has also established liaisons with associations of financial institutions, judicial organizations and with the public sector administrations that have jurisdiction in bankruptcy and insolvency matters.

 

The work of the Institute does not conflict with other organizations that are active in the international insolvency area.  There is so much to be done in the international insolvency field that there is abundant room for all of the world's few international insolvency organizations to pursue improvements in the current international insolvency regime.

 

The Institute's membership is restricted to the most senior, experienced and respected practitioners, academics, judges and financial industry professionals in the world.  Membership is only available by invitation and is a reflection of the prominence of the Members of the Institute in their community and the respect in which they are held by others in their field.

 

In its activities, the Institute holds an annual International Insolvency Conference in June which alternates between North America and Europe.  It established its own website (at www.iiiglobal.org) which draws thousands of visitors a month.  It has participated at the invitation of UNCITRAL, the United Nations Commission on International Trade Law, in the study and preparation of the UNCITRAL Legislative Guide on Insolvency, a study of recommended principles for domestic insolvency legislation around the world.  The III is also accredited as an official non-governmental organization to UNCITRAL’s Working Groups on Arbitration and Conciliation, Insolvency and Security Interests.  

 

The Institute has developed close working relationships with two prominent United States organizations, The American Law Institute and The American College of Bankruptcy and has completed major multi-year international insolvency projects with each of them.  The Institute is currently embarked upon a major multi-year international insolvency project organized by the European Commission on co-ordinating international insolvency proceedings.  The Institute’s current projects are being actively pursued in sixteen formal Committees.  The details of these Committees are described in the Institute’s Annual Membership Directory and on the Institute’s website.  The Institute actively seeks other projects which would benefit from the careful review and analysis that senior teams of experienced cross-border insolvency professionals from the Institute can bring to such projects in a multinational setting.

 

The size of the global economy, particularly that of the major trading countries, and the sheer size of international trade and commerce between major trading countries has become staggering.  What is remarkable is how little has been accomplished in the quest for an effective international regime for cross-border insolvencies and reorganizations.

 

There is clearly a major need for a cohesive, leading-edge insolvency organization in the international area with the depth and ability of the Institute.  The International Insolvency Institute has, in a few short years, become one of the world's pre-eminent international insolvency organizations and has achieved a major influence and impact in the international insolvency field for the benefit of everyone affected by it.

 

Bruce Leonard


Chairman

 

 
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