June 6, 2016

Use of Arbitration Procedures in International Insolvency Cases

International Insolvency Institute Annual Conference


Stacy Lutkus, a senior attorney in the Corporate Restructuring practice group, recently attended the annual conference of the International Insolvency Institute (III) in Tokyo, Japan. In connection with the NextGen Leadership Program portion of the conference, Stacy participated in a panel discussion on the “Use of Arbitration Procedures in International Insolvency Cases.” The focus of the panel was to introduce a proposal that III plans to submit to the United Nations Commission on International Trade Law (UNCITRAL) Working Group V on Insolvency Law. Stacy presented a case study of a matter filed in 2011 in the United States Bankruptcy Court for the Southern District of New York by an Indian mining company under chapter 15 of the Bankruptcy Code. The case involved two creditors who had reduced arbitration awards granted in the United Kingdom to judgments in the United States. The creditors vigorously opposed the mining company debtor’s efforts to have its Indian insolvency case recognized by the United States Bankruptcy Court. Stacy’s case study has been published on the III website.

Attendees of the conference included the President Judge of the High Court of Rome, a retired judge from the Tokyo High Court, the Judge in charge of Hong Kong’s Companies Court, several sitting and retired United States bankruptcy judges, professors and academics from universities in the United States and abroad, and many prominent insolvency practitioners.

III is a limited-membership organization dedicated to advancing and promoting insolvency as a respected discipline in the international field. Its primary objectives include improving international cooperation in the insolvency area and achieving greater coordination among nations in multinational business reorganizations and restructurings. III’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 NextGen Leadership Program was established in 2012 to create an environment for younger professionals and academics to liaise with the members of III. Stacy was nominated for, and accepted to, Class IV of the NextGen Leadership Program in 2015.

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