International
Insolvency Institute

Conference Co‐Chairs
John A. Barrett, Fulbright & Jaworski LLP, Houston
E. Bruce Leonard, Cassels Brock & Blackwell LLP, Toronto

Summary of Contents

Panel Presentations

• Arbitration Procedures in the Insolvency World: Reforming International Insolvency Practice.
• The New Mexican Insolvency Law and the Federal Institute of Insolvency Specialists (IFECOM): Stories from the Trenches.
• The III Annual Review of Great Transnational Insolvency Cases.
• Developments and Trends in Asian Insolvencies and Reorganizations.
• International Communications in Major Cases: The Role of the Courts and the Professions and the Road Ahead.
• The 2006 III Gold Medal Prize in International Insolvency Studies.
• The Changing Landscape of European Insolvency.
• Critical Sovereign Insolvency Issues: Argentina, Iraq and Beyond.
• Social Claims and Priorities in Reorganizations.
• Saving the GOING CONCERN: Must the Crew Abandon the Ship?
• The New U.S. Chapter 15: How It Works and How It Is Working.
• Tax Priorities in Worldwide Bankruptcy Legislation.

The International Insolvency Institute:
Members of the International Insolvency Institute (2006)
III Web Membership Directory
III Judicial Liaison Council Members
III Academic Forum Members
III Conference Sponsors and Supporters
About the International Insolvency Institute

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Monday June 12, 2006

9:00 - 10:00 Keynote Address: Fear and Complacency in the Bond Market 

Chair
Dr. Roger M. Kubarych, HypoVereinsbank Americas, Inc., New York

Dr. Kubarych is Senior Economic Advisor for HypoVereinsbank and has had a highly distinguished career in public and private finance, including serving as Senior Vice-President and Chief Economist of the New York Stock Exchange, and in a variety of senior positions for 13 years at the Federal Reserve Bank of New York.

Papers
Evaluating and Misevaluating Market Risks (Dr. Roger Kubarych)

10:20 -  11:20 Arbitration Procedures in the Insolvency World: Reforming International Insolvency Practice.

(Presented by the Committee on International Insolvency Arbitration.)

Co-Chairs
Zack A. Clement, Fulbright & Jaworski LLP, Houston;
Dr. Eberhard Braun, Schultze & Braun, Achern, Germany

Speakers
Hon. Allan L. Gropper, United States Bankruptcy Court, Southern District of New York, New York
Dr. Gerold Herrmann, Past Secretary, United Nations Commission on International Trade Law, Vienna 
Mark Baker, Fulbright & Jaworski LLP, Houston 

Papers

• Background to III Proposal to UNCITRAL Concerning International Insolvency/Arbitration (Zack Clement) 
• Current Draft III Proposal to UNCITRAL Concerning International Insolvency/Arbitration (Zack Clement) 
• Does the World Need Additional Uniform Legislation on Arbitration? (Dr. Gerold Herrmann) (Originally presented: London 1998)
• Global Commerce Needs Global Commercial Law (As Provided Especially By UNCITRAL) (Dr. Gerold Herrmann) (Originally presented: New Zealand, 1999)
• United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards (The “New York Convention”, 1959) (Zack Clement)
• UNCITRAL Model Law on International Commercial Arbitration (1985) (Zack Clement) 
• UNCITRAL Arbitration Rules (1998) (Zack Clement)
• Selected International Insolvency and Arbitration Materials (Zack Clement)

11:20 - 12:20 The New Mexican Insolvency Law and the Federal Institute of Insolvency Specialists (IFECOM): Stories from the Trenches.

(Presented by the Committee on Latin America.)

Co-Chairs
Agustin Berdeja-Prieto, Berdeja y Asociados, Mexico City
Victor A. Vilaplana, San Diego

Speakers
Hon. Robert Drain, United States Bankruptcy Court for the Southern District of New York, New York 
Luis Manuel C. Méjan, Instituto Federal de Especialistas de Concursos, Mercantiles, Mexico City 
Jaime R. Guerra, Guerra Gonzalez-Abogados, Mexico City 

Papers

• The New Mexican Insolvency Law and the Federal Institute of Insolvency Specialists (Victor A. Vilaplana) 
• Cross-Border Insolvencies under the New Mexican Insolvency Law (Luis Manuel C. Méjan) 
• Comparative Texts of the UNCITRAL Model Law Mexico/USA/UNCITRAL (Luis Manuel C. Méjan) 
• The New Mexican Insolvency Law and the Federal Institute of Insolvency Specialists (IFECOM) (Luis Manuel C. Méjan) 
• Problems Arising From the New Mexican Bankruptcy Law (Jaime R. Guerra)

1:45 – 2:30 The III Annual Review of Great Transnational Insolvency Cases.

(Presented by the Committee on Transnational Litigation.)

Co-Chairs
Evelyn H. Biery, Fulbright & Jaworski LLP San Antonio and Houston
Gary S. Lee, Lovells, New York

Speakers
Michael Crystal, Q.C., 3-4 South Square, London
Leonard H. Gilbert, Holland & Knight LLP, Tampa 
Christopher K. Grierson, Lovells, London 
Josefina Fernandez-McEvoy, Squire Sanders & Dempsey LLP, Los Angeles 

Papers

• JP Morgan Chase Bank v. Altos Hornos De Mexico, (U.S. Second Circuit Court of Appeals: Decided: June 22, 2005) (Leonard H. Gilbert) 
• United States of America v. J.A. Jones Construction Group, LLC, (United States District Court: E.D.N.Y.: November 29, 2005) (Leonard H. Gilbert)
• The European Court of Justice Decision in Re Eurofood IFSC Ltd. (May 2, 2006) (Christopher K. Grierson)
• Re Navigator Holdings PLC (Judicial Committee of the Privy Council, May 16, 2006) (Christopher K. Grierson)

2:30 – 3:30 Developments and Trends in Asian Insolvencies and Reorganizations.

(Presented by the Committee on Asian Developments.)

Co-Chairs
George Kelakos, Kelakos Advisors, Greenwich, Connecticut
Hideyuki Sakai, Sakai & Mimura, Tokyo

Moderators
George M. Kelakos, Kelakos Advisors, Greenwich, Connecticut;
Arnold M. Quittner, Peitzman, Weg & Kempinsky LLP, Los Angeles

Speakers
Hon. Shinjiro Takagi, Chair, Industrial Revitalization Corporation of Japan, Tokyo 
Kannan Ramesh, Tan Kok Quan Partnership, Singapore 
Sandy E. Schick, Shearman & Sterling, Singapore
Yong Wang, Kirkland & Ellis, Chicago

Papers

• Some Thoughts on Director Liability and Workout Situations (Hideyuki Sakai)
• Out of Court Workouts and Restructurings in Japan and Their International Implications (Hon. Shinjiro Takagi)
• Recent Insolvency Experiences in Singapore (Kannan Ramesh)
• Bankruptcy Developments in Southeast Asia (Sandor Schick)
• China’s New Foreign Strategic Investments Rules (Yong Wang)
• Impact of China’s New Foreign Exchange Rules on Structuring of Private Equity Investigations (Yong Wang)

3:30 – 5:00 International Communications in Major Cases: The Role of the Courts and the Professions and the Road Ahead. 

(Presented by the Committee on Court Communications.)

Co-Chairs
Michael Crystal, Q.C., 3-4 South Square Chambers, London
Nick Segal, Davis, Polk & Wardwell, New York

Speakers
Chief Justice Donald I. Brenner, Supreme Court of British Columbia, Vancouver
Hon. Samuel L. Bufford, United States Bankruptcy Court, Central District of California, Los Angeles 
Hon. Charles G. Case II, United States Bankruptcy Court, District of Arizona, Phoenix
Mr. Justice J.M. Farley, Ontario Superior Court of Justice, Toronto (Retired)
Mr. Justice Luciano Panzani, Corte Suprema di Cassazione, Rome

Papers

• International Insolvency Case Venue in the European Union: The Parmalat and Daisytek Controversies (Hon. Samuel L. Bufford)
• Judgment of the European Court of Justice – Re Eurofood IFSC Ltd., May 2, 2006 (Hon. Samuel L. Bufford) 
• The Eurofood Decision of the European Court of Justice (Hon. Samuel L. Bufford)
• Cooperation and Coordination in Cross-Border Insolvency Cases (Mr. Justice J.M. Farley)

5:00 – 5:20 The 2006 III Gold Medal Prize in International Insolvency Studies.

(Presented by the Committee on International Insolvency Studies.)

Co-Chairs
Prof. Bob Wessels, Amsterdam
Prof. Jay L. Westbrook, Austin, Texas

2006 Gold Medal Winners   
Gold Medal –Jennifer Stam – Canada
A Divine Comity: A Canadian Perspective on the Balance between International Cooperation and the Preservation of National Autonomy

Gold Medal –Annika Wolf – Germany 
Success and Failure in Cross-Border Insolvency Proceedings of Multinational Corporations – Parmalat: A European and American Perspective 

Bronze Medal – Lakshmi Ravindran – India 
Corporate Debt Restructuring: Comparative Analysis of the Laws of Different Countries from an Indian Perspective

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Tuesday June 13, 2006

9:10 - 10:15 The Changing Landscape of European Insolvency. 

(Presented by the Committee on European Union Developments.) 

Co-Chairs
Gabriel Moss, Q.C., 3-4 South Square Chambers, London
Prof. Bob Wessels, Vrijie University, Amsterdam

Speakers
Isabelle Didier, Etude Didier, Paris
Prof. Ian F. Fletcher, University College London, London 
Alexander Klauser, Brauneis, Klauser & Prandl, Vienna 
Mr. Justice Luciano Panzani, Corte Suprema di Cassazione, Rome
Silvio Tersilla, Studio Legale Lovells, Rome 
Miguel Torres, Mullerat, Barcelona
Robert van Galen, Nauta Dutilh, Amsterdam 

Papers

• Rights in rem of Third Parties under the EU Insolvency Regulation (Prof. Bob Wessels) 
• Commercial Courts of Justice in France (Isabelle Didier) 
• The Changing Landscape in European Insolvency (Isabelle Didier) 
• The New Insolvency Regime in France (Isabelle Didier) 
• Enactment of the UNCITRAL Model Law in Great Britain (Prof. Ian F. Fletcher) 
• The European Insolvency Regulation in Recent Austrian Case Law (Alexander Klauser) 
• The Reform of Italian Bankruptcy Law (Mr. Justice Luciano Panzani) 
• Overview of Corporate Insolvency in Italy (Silvio Tersilla) 
• Claw Backs: Threats and Opportunities (Silvio Tersilla)

10:30 – 11:30 Critical Sovereign Insolvency Issues: Argentina, Iraq and Beyond.

(Presented by the Committee on Sovereign Insolvencies.) 

Co-Chairs
Prof. Christoph Paulus, The World Bank, Washington, D.C.
Steven T. Kargman, Kargman Associates, New York

Speakers
Lee C. Buchheit, Cleary Gottlieb Steen & Hamilton, New York 
Elena L. Daly, Citigroup Alternative Investments, New York
Prof. Steven L. Schwarcz, Duke University School of Law, Durham, N.C. 

Papers

• “Odious Debts” vs. Debt Trap: A Realistic Help? (Prof. Christoph Paulus) 
• Brazil Overhauls Its Restructuring Regime (Courtesy of International Financial Law Review, 2006) (Thomas Felsberg and Steven T. Kargman) 
• Addressing Financial Distress in the Emerging Markets: An Overview of Key Concepts in Corporate and Sovereign Debt Restructurings (Steven T. Kargman) (Courtesy of the Organization of American States) 
• Grenada’s Innovations (Lee C. Buchheit) (Courtesy of Journal of International Banking and Regulation) 
• Press Release – Iraq’s Commercial Debt Settlement: April 3, 2006 (Lee C. Buchheit) 
• Court Decision: NML Capital, Ltd. v. Republic of Argentina (United States District Court, S.D.N.Y., March 29, 2005) (Elena L. Daly) 
• NML Capital, Ltd. v. Republic of Argentina (United States Circuit of Appeals for the Second Circuit, May 13, 2005) (Elena L. Daly) 
• Sovereign Debt Restructuring: A Bankruptcy Reorganization Approach (Prof. Steven L. Schwarcz) (Courtesy of Cornell Law Review) 
• Looking Forward: 2004-2010: A Sovereign Debt Restructuring Reverie (Prof. Steven L. Schwarcz) (Courtesy of University of Chicago Journal of International Law)

11:30 - 12:30 Social Claims and Priorities in Reorganizations.

(Presented by the Committee on Social Claims in Bankruptcy.) 

Co-Chairs
Jamie H. M. Sprayregen, Kirkland & Ellis, Chicago
Gordon W. Johnson, Kirkland & Ellis, New York

Speakers
Laurent Gaillot, Gaillot, Bouchony & Associes, Paris 
Frans G.A. deRoy, Antwerp 
Prof. Janis Sarra, University of British Columbia, Vancouver 

Papers

• Social Protection: Pensions & Priorities (James H.M. Sprayregen and Gordon W. Johnson) 
• Employees in Bankruptcy Proceedings: A French Perspective (Laurent Gaillot) 
• Social and Priority Aspects under European Union and Belgian Law (Frans G.A. deRoy) 
• Overview of the Treatment of Employee claims and Collective Agreements in Canadian Insolvency Law (Prof. Janis Sarra)

1:45 - 3:00 Saving the GOING CONCERN: Must the Crew Abandon the Ship? 

(Presented by the III Committee on Corporate and Professional Responsibilities in Bankruptcy.) 

Co-Chairs
Joel R. Ohlgren, Sheppard, Mullin, Richter & Hampton LLP, Los Angeles 
J. William Boone, Alston & Bird, Atlanta

Speakers
Hon. Samuel L. Bufford, United States Bankruptcy Court, Los Angeles
Mark Andrews, Denton Wilde Sapte, London 
Richard W. Brunette Jr., Sheppard Mullin Richter & Hampton LLP, Los Angeles 
Steen Klein, DLA Nordic, Copenhagen, Denmark 
Miguel De Avillez Pereira, Abreu Cardigos & Associados, Lisbon 
Prof. Alberto Piergrossi, Piergrossi Bianchini Eversheds, Milan 
Hideyuki Sakai, Sakai & Mimura, Tokyo
Lionel Zaclis, Barretto Ferreira, Kujawski, Brancher e Gonçalves, Sao Paulo

Papers

• Directors' and Officers' Responsibilities in Insolvency and Pre-Insolvency Cases: The III Presentation to UNCITRAL Experts’ Colloquium (Vienna, November, 2005) (Joel R. Ohlgren) 
• Hypothetical: The Perils of Zeus (Joel R. Ohlgren) 
• III Directors' and Officers’ Liability Survey (Joel R. Ohlgren) 
• III Proposal to UNCITRAL Commission for – Possible Future Work in Insolvency Law (Vienna, July, 2005) (Joel R. Ohlgren) 
• Saving the “Going Concern”: Must the Crew Abandon Ship: The U.K. Experience (Mark Andrews) 
• Saving the “Going Concern”: Must the Crew Abandon Ship: Best Practices and the Business Judgment Rule (Richard W. Brunette) 
• Saving the “Going Concern”: Must the Crew Abandon Ship: The Danish Experience (Steen Klein) 
• Saving the “Going Concern”: Must the Crew Abandon Ship: The Experience of Portugal (Miguel De Avillez Pereira) 
• Saving the “Going Concern”: Must the Crew Abandon Ship: The Experience of Italy (Prof. Alberto Piergrossi) 
• Saving the “Going Concern”: Must the Crew Abandon Ship: The Experience in Brazil (Lionel Zaclis)

3:00 - 3:45 The New U.S. Chapter 15: How It Works and How It Is Working

Moderator
Daniel M. Glosband, Goodwin Procter & Hoar, Boston 

Speakers
Nigel Barnett, Denton Wilde Sapte, London 
Jay A. Carfagnini, Goodmans LLP, Toronto
G. Larry Engel, White & Case, San Francisco 
Robin E. Phelan, Haynes & Boone, Dallas 

Papers

• Chapter 15: Ancillary and Other Cross-Border Cases (Daniel M. Glosband) 
• The U.K. Cross-Border Insolvency Regulations 2006 (Nigel Barnett) 
• Text of the U.K. Cross-Border Insolvency Regulations 2006 (Nigel Barnett) 
• Suggested Clarifications and Reforms for U.S. Chapter 15 and the UNCITRAL Model Law on Cross-Border Insolvency: The Pragmatic Cynics’ Concerns (G. Larry Engel) 
• Chapter 15 of the U.S.: Bankruptcy Code: New Procedures for Cross Border Insolvencies (Robin Phelan) 
• Transnational Insolvency 101: A New Guide to Cross-Border Bankruptcy Proceedings (Contributed by Hon. Sid Brooks)

3:45 - 4:10 Tax Priorities in Worldwide Bankruptcy Legislation.

(Presented by the Committee on Tax Priorities in Bankruptcy.) 

Co-Chairs
Mr. Justice Ralph H. Zulman, Johannesburg, South Africa
Hon. James L. Garrity, Jr., Shearman & Sterling, New York)

Project Reporter
Barbara K. Day, Senior Counsel, Overseas Private Investment Corporation, Washington, D.C. 

Papers

• Governmental Tax Priorities In Bankruptcy Proceedings – Preliminary Report of the Committee on Tax Priorities in Bankruptcy (Barbara K. Day) 
• Limiting the Priority For Taxes in Insolvency to Enhance Unsecured Creditor Recoveries (Barbara K. Day) (Submitted for publication as the III Contribution to Euromoney Global Insolvency and Restructuring Yearbook 2006/07)

4:10 - 4:30 The 2005 Gold Medal Prize in International Insolvency Studies. 2005 Gold Medal Winner:

Irit Mevorach, University of London, London for: “The Road to a Suitable and Comprehensive Global Approach to Insolvencies within Multinational Corporate Groups”

The Road to a Suitable and Comprehensive Global Approach to Insolvencies within Multinational Corporate Groups (Irit Mevorach)

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A. International Organization Projects

American Law Institute / International Insolvency Institute
Guidelines for Court‐to‐Court Communications in Cross‐Border Cases:

1. English
2. Arabic
3. Chinese
4. Croatian
5. French
6. Georgian
7. German
8. Greek
9. Italian
10. Japanese
11. Korean
12. Portuguese
13. Russian
14. Spanish
15. Swedish

Asian Development Bank
Insolvency Law Reforms in the Asian and Pacific Region: Law and Policy Reform at the Asian Development Bank, Volume 1 (2000)

European Bank for Reconstruction and Development
Model Law on Secured Transactions (2004) 

European Union
Regulation (EC) No. 1346/2000 on Insolvency Proceedings (2000)

International Bar Association
Cross‐Border Insolvency Concordat (1995)

International Monetary Fund
Orderly & Effective Insolvency Procedures (1999)

UNCITRAL (United Nations Commission on International Trade Law)

1. UNCITRAL 38th session (Vienna, July 4 – 15, 2005)
   a. Developments in Insolvency Law: adoption of the UNCITRAL Model Law on Cross-Border Insolvency; use of cross-border protocols and court-to-court communication guidelines, and case law on interpretation of “centre of main interests” and “establishment” in the European Union (Note by the Secretariat, April 14, 2005)
   b. III Proposal on Post-Commencement Financing in International Reorganizations
   Extracts from UNCITRAL Legislative Guide on Insolvency Law in support of III Proposal on Post-Commencement Financing in International Reorganizations
   c. III Proposal on Cross-Border Insolvency Protocols
   d. III Proposal on Directors’ and Officers’ Responsibilities and Liabilities
   e. III Proposal for Study and Recommendations in the Area of Commercial Fraud
2. Report of Working Group VI (Security Interests), 7th session (New York, January 24-28, 2005)
3. UNCITRAL Legislative Guide on Insolvency Law

World Bank
Principles and Guidelines for Effective Insolvency and Creditor Rights Systems (2001)

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B. International Arbitration and Enforcement of Judgments

• International Chamber of Commerce Arbitration Rules (1998)
• Convention on Jurisdiction and the Enforcement of Judgments in Civil and Commercial Matters (Lugano, 1988)
• UNCITRAL Model Law on International Commercial Arbitration (1985)
• UNCITRAL Arbitration Rules (1976)
• Convention on the Recognition and Enforcement of Foreign Judgments in Civil and Commercial Matters (The Hague, 1971)
• Supplementary Protocol to the Convention on the Recognition and Enforcement of Foreign Judgments
• Convention concerning Judicial Competence and the Execution of Decisions in Civil and Commercial Matters (Brussels, 1968)
• European Convention on International Commercial Arbitration (1961)
• Convention on the Recognition and Enforcement of Foreign Arbitral Awards (New York, 1958)

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C. International Treaties Relating to Bankruptcy

• Convention on Insolvency Proceedings of the European Union (Did not come into force) (1995)
• European Convention on Certain International Aspects of Bankruptcy (Not in force) (1990)
• Convention concerning Judicial Jurisdiction, Recognition and Execution of Decisions in Matters of Bankruptcy (France and Austria, 1979)
• Treaty concerning Bankruptcy and Composition Law (Federal Republic of Germany and Austria, 1979)
• Convention concerning Bankruptcy, Composition and Extension of Payment (Belgium and Austria, 1969)
• Convention concerning the Reciprocal Execution of Enforceable Decisions and Instruments and Reciprocity in Bankruptcy Proceedings, and Additional Protocol (Poland and Czechoslovakia, 1934)
• Nordic Convention regarding Bankruptcy (Denmark, Finland, Iceland, Norway and Sweden, 1933)
• Agreement amending the Nordic Convention regarding Bankruptcy (1977)
• Convention on the Enforcement of Judgments in Civil and Commercial Matters (France and Italy, 1930)
• Convention regarding Certain Questions of Civil Procedure and Private Law, with Protocol of Signature (Hungary and Yugoslavia, 1929)
• Convention concerning Reciprocal Judicial Protection and Legal Assistance in regard to Civil and Commercial Law and Non‐Litigious Affairs, with Additional Protocol (Romania and Czechoslovakia, 1925)
• Convention concerning Territorial Jurisdiction, Bankruptcy and the Authority and Execution of Judgments, Arbitral Awards, and Notarial Acts, with Additional Protocol (Belgium and The Netherlands, 1925)
• Convention relating to Legal Assistance (Bulgaria and Kingdom of the Serbs, Croats and Slovenes, 1923)

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D. Selected Domestic Insolvency Legislation

The International Insolvency Institute gratefully acknowledges the generous support for the very special Tenth Anniversary Conference in Rome for the following Sponsors.

Argentina 
Insolvency and Bankruptcy Law (1995, as later amended) (English) (Spanish)
Cross Border Insolvency Bill (2002)

Australia
Corporations Act (2001) – Insolvency
Bankruptcy Act 1966, as amended up to Act No. 20 of 2005 (Vol. 1)
Bankruptcy Act 1966, as amended up to Act No. 20 of 2005 (Vol. 2)

Barbados
Bankruptcy and Insolvency Act, 2001‐34

Belgium
Bankruptcy Act (as of 2003) (French)
Reorganization Act (as of 1998) (French)

Brazil
New Bankruptcy Law (2005)

Canada
Bankruptcy and Insolvency Act (as of March 5, 2007)
Part XIII: International Insolvencies
Companies’ Creditors Arrangement Act (as of March 5, 2007)

China
Enterprise Bankruptcy Law (2007)

France
Commercial Code, Book VI: The Financial Difficulty of Enterprises (as amended by law 2005‐845 of July 26,2005)

Germany
Insolvency Statute of 5 October 1994 (as of January 1, 2004)
The Insolvency Act 1994 (as amended 2003) (German)

Ghana
Bodies Corporate (Official Liquidations Act), 1963 (Act 180)

Gibraltar
Gibraltar Legislation, Supplement No. 16 (2004), Part VI, Winding Up

Hong Kong
Bankruptcy Ordinance

India
Chapter V
The Recovery of Debts Due to Banks and Financial Institutions Act (1993)
The Sick Industrial Companies (Special Provisions) Act, 1985

Indonesia
The Bankruptcy Act

Japan
Summary of Law on Recognition and Assistance of a Foreign Insolvency Proceeding (2000)

Kazakhstan
Law on Bankruptcy

Korea
Company Reorganization Act (as amended 1998)
Composition Act (as amended 1998)

Malaysia
Bankruptcy Act 1967 (as amended 1988)

Mexico
Business Reorganization Act
International Bankruptcy Provisions

Montenegro
Law on Business Organization Insolvency (as of 2002)

The Netherlands
Bankruptcy Act (as amended 2002) (English) | (as amended 2005) (Dutch)

Poland
Insolvency and Restructuring Act (2003) Part 1 | Part 2

Portugal
Insolvency Act (2004)

Romania
Law No. 64 on Insolvency Proceedings (1995)
Law No. 637 on regulating private international law relations in the field of insolvency (2002)

Singapore
Part VII – Arrangements and Reconstructions

South Africa
Cross‐Border Insolvency Act

Spain
Insolvency Act 2003 (Spanish)

United Kingdom
Insolvency Act (1986)
Insolvency Act ss. 13‐18 (2000)
Enterprise Act (2002), Part 10 – Insolvency

United States
Bankruptcy Abuse Prevention and Consumer Protection Act (2005)
Chapter 15

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E. Major Cross-Border Insolvency Protocols

Cross‐Border Insolvency Protocol and Order in Re Barzel Industries Canada Inc.between Ontario Superior Court of Justice, Toronto(Mr. Justice Geoffrey B. Morawetz), Case No. 09‐CL‐8363 (September 15, 2009), including approval and adoption of the American Law Institute Guidelines for Court-to-Court Communications for Cross-Border Cases.s and United States Bankruptcy Court for the District of Delaware(Hon. Christopher S. Sontchi), Case No. 09‐13204 (CSS) (September 17, 2009), including approval and adoption of the American Law InstituteGuidelines for Court-to-Court Communications for Cross-Border Cases.

Cross‐Border Insolvency Protocol and Order in Re AbitibiBowater Inc. between theSuperior Court of the Province of Quebec (Hon. Clement Gascon), Case No. 500‐11‐036133‐094 (July 28, 2009), including approval and adoption of the American Law Institute Guidelines for Court-to-Court Communications for Cross-Border Cases.sand the United States Bankruptcy Court for the District of Delaware (Hon. Kevin J. Carey), Case No. 09‐11296 (KJC) (July 7, 2009), including approval and adoption of the American Law Institute Guidelines for Court-to-Court Communications for Cross-Border Cases.

Cross‐Border Insolvency Protocol and Order in Re Eddie Bauer Holdings, Inc., et al. between the Ontario Superior Court of Justice, Toronto (Mr. Justice Geoffrey B. Morawetz), Case No. 09‐8240‐CL (June 25, 2009), including approval and adoption of the American Law Institute Guidelines for Court-to-Court Communications for Cross-Border Cases.s and the United States Bankruptcy Court for the District of Delaware (Hon. Mary F. Walrath), Case No. 09‐12099 (June 24, 2009), including approval and adoption of the American Law Institute Guidelines for Court-to-Court Communications for Cross-Border Cases.

Cross‐Border Insolvency Protocol and Order in Re Lehman Brothers Holdings Inc., et al. issued by the United States Bankruptcy Court for the Southern District of New York (Hon. James M. Peck), Case No. 08‐13555 (June 17, 2009), including approval and adoption of the American Law Institute Guidelines for Court-to-Court Communications for Cross-Border Cases.

Cross‐Border Insolvency Protocol and Order in Re Bernard L. Madoff Investment Securities LLC issued by the United States Bankruptcy Court for the Southern District of New York (Hon. Burton R. Lifland), Adv. Pro. No. 08‐1789 (June 9, 2009), including approval and adoption of the American Law Institute Guidelines for Court-to-Court Communications for Cross-Border Cases.

Cross‐Border Insolvency Protocol and Order in Re SemCanada Crude Company et al. between the Queen's Bench of Alberta for the Judicial District of Calgary (Justice B.E.C. Romaine), Action No. 0801‐08510 (May 22, 2009), including approval and adoption of the American Law Institute Guidelines for Court-to-Court Communications for Cross-Border Cases.s and the United States Bankruptcy Court for the District of Delaware (Hon. Brendan L. Shannon), Case No. 08‐11525 (BLS), (September 24, 2009).

Cross‐Border Insolvency Protocol in Re Masonite International Inc.between Ontario Superior Court of Justice, Toronto (Mr. Justice Colin Campbell), Case No. 09‐8075‐00CL (March 16, 2009) and United States Bankruptcy Court for the District of Delaware (Hon. Peter J. Walsh), Case No. 09‐10844 (PJW), (April 14, 2009) substantially incorporating the principles of the American Law Institute Guidelines for Court-to-Court Communications for Cross-Border Cases.

Cross‐Border Insolvency Protocol in Re Smurfit‐Stone Container Canada Inc.between Ontario Superior Court of Justice, Toronto (Madam Justice Sarah E. Pepall), Case No. 09‐7966‐00CL (March 12, 2009) and United States Bankruptcy Court for the District of Delaware (Hon. Brendan L. Shannon), Case No. 09‐10235 (BLS), (March 12, 2009) substantially incorporating the principles of the American Law Institute Guidelines for Court-to-Court Communications for Cross-Border Cases.

Re Milacron Canada Ltd. (Ontario Superior Court of Justice) (Mr. Justice Colin Campbell) Case No. CV‐09‐8060‐00CL (March 10, 2009) approving the application of the American Law Institute Guidelines for Court-to-Court Communications for Cross-Border Cases.

Cross‐Border Insolvency Protocol in Re Nortel Networks Corporation betweenOntario Superior Court of Justice, Toronto (Mr. Justice Geoffrey B. Morawetz), Case No. 09‐CL‐7950 (January 14, 2009) and United States Bankruptcy Court for the District of Delaware (Hon. Kevin Gross), Case No. 09‐10138 (KG), (January 15, 2009) including approval and adoption of the American Law Institute Guidelines for Court-to-Court Communications for Cross-Border Cases.

Cross‐Border Insolvency Protocol and Order in Re Calpine Corporation between the United States Bankruptcy for the Southern District of New York (Hon. Burton R. Lifland), Case No. 05‐60200 (April 9, 2007) and Court of Queens Bench of Alberta (Madam Justice B.E.C. Romaine), Case No. 0501‐17864 (April 7, 2007) including approval and adoption of the American Law Institute Guidelines for Court-to-Court Communications for Cross-Border Cases..

Cross‐Border Insolvency Protocol in Re Quebecor World Inc. between the Superior Court for the Province of Quebec (Mr. Justice Robert Mongeon), Case No. 500‐11‐032338‐085 (January 21, 2008) and the United States Bankruptcy Court, Southern District of New York (Hon. James Peck), Case No. 08‐10152, (April 17, 2008), including approval and adoption of the American Law Institute Guidelines for Court-to-Court Communications for Cross-Border Cases.

Cross‐Border Insolvency Protocol in Re Progressive Moulded Products Ltd. between the Ontario Superior Court of Justice, Toronto (Mr. Justice Geoffrey B. Morawetz), Case No. CV‐08‐7590‐00CL, (June 24, 2008) and the United States Bankruptcy Court, including approval and adoption of the American Law Institute Guidelines for Court-to-Court Communications for Cross-Border Cases.

Cross‐Border Insolvency Protocol in Re Pope & Talbot Ltd. between the British Columbia Supreme Court, Vancouver (Chief Justice Donald I. Brenner), Case No. SO77839, (December 14, 2007) and the United States Bankruptcy Court for the District of Delaware, (Hon. Christopher Sontchi), Case No. 07‐11738 including approval and adoption of the American Law Institute Guidelines for Court-to-Court Communications for Cross-Border Cases.

Re Refco Capital Markets ( Supreme Court of Bermuda) (Mr. Justice Ian Kawaley) Case No. 2005:328 (December 12, 2006) (Approving the application of the American Law Institute Guidelines for Court-to-Court Communications for Cross-Border Cases.)

Cross‐Border Insolvency Protocol in Re Sendo International Limited between the commercial Court of Nanterre, France (Mr. Justice Jerome Mandrillon) and the Chancery Division of the High Court of Justice, London (June 1, 2006.)

Orders Adopting the American Law Institute Guidelines for Court-to-Court Communications for Cross-Border Cases.s With Certain Modifications in Re Androscoggin Energy LLC, United States Bankruptcy Court for the District of Maine (Hon. Louis H. Kornreich), Case No. 04‐12221‐LHK, (January 12, 2005), and Ontario Superior Court of Justice (Mr. Justice J.M. Farley), Court File No. 04‐CL‐5643 January 6, 2005).

Cross‐Border Insolvency Protocol in Re Systech Retail Systems Corporation between the Ontario Court of Justice, Toronto (Mr. Justice J.D. Ground), Court File No. 03‐CL‐4836, (January 20, 2003) and the United States Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division (Hon. A. Thomas Small), Case No. 03‐00142‐5‐ATS, (January 30, 2003) including approval and adoption of the American Law Institute Guidelines for Court-to-Court Communications for Cross-Border Cases.

Cross‐Border Insolvency Protocol in Re Mosaic Group Inc. between the Ontario Court of Justice, Toronto (Mr. Justice J.M. Farley), Court File No. 02‐CL‐4816, (December 7, 2002) and the United States Bankruptcy Court for the Northern District of Texas (Hon. Harlin DeWayne Hale), Case No. 02‐81440, (January 8, 2003), including approval and adoption of the American Law Institute Guidelines for Court‐to‐Court Communications in Cross Border Cases.

Cross‐Border Insolvency Protocol in Re Federal‐Mogul Global Inc. et al. between the United States Bankruptcy Court for the District of Delaware (Hon. Randall Newsome), Case No. 01‐10578, (October 4, 2001) and the Chancery Division of the High Court of Justice of England, (October 1, 2001) and Final Order Approving Cross‐Border Insolvency Protocol in Re Federal‐Mogul Global Inc. et al., United States Bankruptcy Court for the District of Delaware (Hon. Randall Newsome), Case No. 01‐10578, (January 7, 2002).

Cross‐Border Insolvency Protocol in Re Financial Asset Management Foundation between Supreme Court of British Columbia (Chief Justice Donald I. Brenner) Case No. 11‐213464/VA.01 (August 1, 2001) and United States Bankruptcy Court for the Southern District of California (Hon. Louise Adler) Case No. 01‐03649‐304 (July 25, 2001).

Cross‐Border Insolvency Protocol in Re Pioneer Companies between the Quebec Superior Court, (Re PCI Chemicals Canada Inc.,) (Madam Justice Danielle Mayrand), Case No. 5000‐05‐066677‐012, (August 1, 2001) and United States Bankruptcy Court for the Southern District of Texas, (Re Pioneer Companies Inc.) Case No. 01‐38259, (August 1, 2001): providing for Court‐to‐Court communications consistent with The American Law Institute Guidelines for Court-to-Court Communications for Cross-Border Cases.

(English) (French)

Cross‐Border Insolvency Protocol in 360Networks Inc. between British Columbia Supreme Court, Vancouver (Mr. Justice D.F. Tysoe), Case No. L011792, (June 28, 2001) and United States Bankruptcy Court for the Southern District of New York (Hon. Allan L. Gropper), Case No. 01‐13721‐alg, (August 29, 2001).

Cross‐Border Insolvency Protocol in Re Laidlaw Inc. between Ontario Superior Court of Justice, Toronto (Mr. Justice J.M. Farley), Case No. 01‐CL‐4178, (August 10, 2001) and United States Bankruptcy Court for the Western District of New York (Hon. Michael J. Kaplan), Case No. 01‐14099, (August 20, 2001).

Cross‐Border Insolvency Protocol in PSINet Inc.et al. between Ontario Superior Court of Justice, Toronto (Mr. Justice J.M. Farley), Case No. 01‐CL‐4155, (July 10, 2001) and United States Bankruptcy Court for the Southern District of New York (Hon. Robert E. Gerber), Case No. 01‐13213, (July 10, 2001) including approval and adoption of the American Law Institute Guidelines for Court-to-Court Communications for Cross-Border Cases.

Cross‐Border Insolvency Protocol in Re Matlack Inc.between Ontario Superior Court of Justice, Toronto (Mr. Justice J.M. Farley), Case No. 01‐CL‐4109, (April 19, 2001) and United States Bankruptcy Court for the District of Delaware (Hon. Mary F. Walrath), Case No. 01‐01114 (MFW), (May 24, 2001) including approval and adoption of the American Law Institute Guidelines for Court-to-Court Communications for Cross-Border Cases.

Cross‐Border Insolvency Protocol in AgriBio Tech Inc. between Ontario Superior Court of Justice, Toronto (Mr. Justice J.M. Farley), Case No. 31‐OR‐371448, (June 16, 2000) and United States Bankruptcy Court for the District of Nevada (Hon. Linda B. Riegle), Case No. 500‐10534 LBR, (June 28, 2000) providing for Court‐to‐Court Communications.

Cross‐Border Insolvency Protocol in Re Manhattan Investment Fund Limited between United States Bankruptcy Court for the Southern District of New York (Hon. Burton R. Lifland), Case No. 00‐10922BRL, (April 2000) and High Court of Justice of the British Virgin Islands (Chief Justice Austin Ward), Case No. 19 of 2000, (April, 2000) and Supreme Court of Bermuda (Mr. Justice Kenneth A. Benjamin), Case No. 2000/37, (April 2000).

Cross‐Border Insolvency Protocol in Re Inverworld, Inc. between United States District Court for the Western District of Texas (Hon. Frederick Biery), Case No. SA99‐C0822FB, (October 22, 1999) and U.K. High Court of Justice, Chancery Division, (1999) and the Grand Court of the Cayman Island, (1999).

Cross‐Border Insolvency Protocol in Re Philip Services Corporation between United States Bankruptcy Court for the District of Delaware (Hon. Mary Walrath), Case No. 99‐B‐02385, (June 28, 1999) and Ontario Superior Court of Justice, Toronto (Mr. Justice Robert A. Blair), Case No. 99‐CL‐3442, (June 25, 1999).

Cross‐Border Insolvency Protocol in Re Livent Inc. between United States Bankruptcy Court for the Southern District of New York (Hon. Arthur Gonzales), Case No. 98‐B‐48312, and Ontario Superior Court of Justice, Toronto (Mr. Justice J.D. Ground), Case No. 98‐CL‐3162, (June 11, 1999).

Cross‐Border Insolvency Protocol in Re Loewen Group between United States Bankruptcy Court for the District of Delaware (Chief Judge Peter J. Walsh) Case No. 99‐1244, (June 30, 1999) and Ontario Superior Court of Justice, Toronto (Mr. Justice J.M. Farley) Case No. 99‐CL‐3384, (June 1, 1999).

Cross‐Border Liquidation Protocol in Re AIOC Corporation and AIOC Resources AG between United States and Switzerland: United States Bankruptcy Court for Southern District Court of New York (Chief Judge Tina L. Brozman), Case Nos. 96 B 41895 and 96 B 41896, (April 3, 1998).

Cross‐Border Insolvency Protocol in Re Solv‐Ex Canada Limited and Re Solv‐Ex Corporation between Alberta Court of Queen’s Bench (Mr. Justice G.R. Forsyth), Case No. 9701‐10022, (January 28, 1998) and United States Bankruptcy Court for the District of New Mexico (Hon. Mark McFeely), Case No. 11‐97‐14362‐MA, (January 28, 1998).

Cross‐Border Liquidation Protocol in Re Tee‐Comm Electronics Inc. between Ontario Court of Justice and United States Bankruptcy Court for the District of Delaware (Hon. Peter J. Walsh), Case No. 97‐1100 (PJW), (July 3, 1997).

Cross‐Border Insolvency Concordatas Adopted by the Council of the International Bar Association Section on Business Law (Paris: September 17, 1995) and by the Council of the International Bar Association (Madrid: May 31, 1996).

Cross‐Border Insolvency Protocol between the United States and Israel in Re Nakash United States Bankruptcy Court for the Southern District of New York, Case No. 94 B 44840, (May 23, 1996) and District Court of Jerusalem, Case No. 1595/87, (May 23, 1996).

Order Co‐ordinating Canadian and United States Reorganizational Plans in Re Everfresh Beverages Inc. Ontario Court of Justice; Toronto (Mr. Justice J.M. Farley), Case No. 32‐077978, (May 15, 1996).

Orders Approving Cross‐Border Insolvency Protocol between Canada and the United States in Re Everfresh Beverages Inc., Ontario Court of Justice, Toronto (Mr. Justice J.M. Farley), Case No. 32‐077978, (December 20, 1995) and United States Bankruptcy Court for the Southern District of New York. (Hon. Burton R. Lifland), Case No. 95 B 45405, (December 20, 1995).

Cross‐Border Insolvency Protocol in Re Commodore Electronics Limited and Commodore International Limited between the United States Bankruptcy Court for the Southern District of New York and the Supreme Court of the Commonwealth of the Bahamas (December 8, 1994).

Cross‐Border Insolvency Protocol in Re Olympia & York Developments Limited between Ontario Court of Justice, Toronto (Mr. Justice R.A. Blair), Case No. B125/92, (July 26, 1993) and United States Bankruptcy Court for the Southern District of New York (Hon. James L. Garrity, Jr.), Case No’s 92‐B‐42698‐42701, (July 15, 1993) (Reasons for Decision of the Ontario Court of Justice: (1993), 20 C.B.R. (3d) 165).

Cross‐Border Insolvency Protocol and Order Approving Protocol in Re Maxwell Communication plc between the United States and the United Kingdom. United States Bankruptcy Court for the Southern District of New York (Hon. Tina L. Brozman), Case No. 91 B 15741, (January 15, 1992) and the High Court of Justice, Chancery Division, Companies Court, Case No. 0014001 of 1991, (December 31, 1991).

The III expresses its appreciation to Franca Tibando for organizing and co‐ordinating the III 2008 Conference CD.

The III welcomes contributions of insolvency papers, articles and materials to its website which can be forwarded to Franca to ftibando@casselsbrock.com .

The International Insolvency Institute is a non‐profit association comprised of leading insolvency professionals, judges, academics and insolvency regulators from over 35 different countries around the world. Its goals are to enhance and promote fair and effective international insolvency systems and procedures. Contributions of insolvency‐oriented materials to the Institute’s website are most welcome and should be directed to Bruce Leonard at bleonard@casselsbrock.com (tel: 416 869 5757; fax 416 640 3027).