The Insolvency Review - Edition 4

Donald S Bernstein
  • Editor:
  • Donald S Bernstein
  • Davis Polk & Wardwell LLP

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This fourth edition of The Insolvency Review once again offers an in-depth review of market conditions and insolvency case developments in key countries around the world. As always, a debt of gratitude is owed to the outstanding professionals in geographically diverse locales who have contributed to this book. Their contributions reflect diverse viewpoints and approaches, which in turn reflect the diversity of their respective national commercial cultures and laws.

The preface to a previous edition of this book touched upon the challenges faced by large multinational enterprises attempting to restructure under these diverse and potentially conflicting insolvency regimes. These challenges have traditionally been particularly acute in large corporate insolvencies because neither UNCITRAL’s Model Law on Cross-Border Insolvency nor other enactments, such as the European Union’s Regulation on Insolvency, have provided the tools necessary for consolidated administration of insolvencies involving multiple legal entities in a corporate group, with operations, assets and stakeholders under different corporate umbrellas in different jurisdictions. Insolvent corporate groups have therefore often been obliged to cobble together consensual restructurings with local stakeholders in key jurisdictions or to initiate separate plenary insolvency proceedings for individual companies under multiple local insolvency regimes (as illustrated in the cases of Nortel and Lehman Brothers, among others), with added costs, disbursed control, legal conflicts and inconsistent judgments.

About the Editor

Donald S Bernstein, co-head of Davis Polk’s insolvency and restructuring group, is recognised as one of the leading insolvency lawyers in the world. He was elected by his peers as the chair of the National Bankruptcy Conference and has been a commissioner on the American Bankruptcy Institute’s Commission to Study the Reform of Chapter 11, Chair and President of the International Insolvency Institute and a member of the legal advisory panel of the Financial Stability Board. Mr Bernstein’s practice includes representing debtors, creditors, receivers and acquirers in corporate restructurings and insolvencies. In addition, he heads the group’s multi-team representation of global financial institutions in connection with the ‘living wills’ required to be submitted to financial regulators pursuant to the Dodd-Frank Act.

Outside the firm, Mr Bernstein is a member of the editorial board of Collier on Bankruptcy, an authoritative treatise on US bankruptcy law.

Acknowledgements

The publisher acknowledges and thanks the following for their learned assistance throughout the preparation of this book:

Preface

  • Donald S Bernstein
  • Davis Polk & Wardwell LLP

‘COMI-MIGRATION’ IN THE CONTEXT OF CHAPTER 15 OF THE US BANKRUPTCY CODE

  • Donald S Bernstein, Timothy Graulich, Darren S Klein and Christopher S Robertson
  • Davis Polk & Wardwell LLP

Austria

  • Eva Spiegel and Miriam Gschwandtner
  • Wolf Theiss

Belgium

  • Bart Lintermans, Wouter Deneyer, William Standaert and Remco Lemarcq
  • Quinz

British Virgin Islands

  • Arabella di Iorio and David Welford
  • Maples and Calder

Canada

  • Frank Spizzirri, Michael Nowina and Ben Sakamoto
  • Baker & McKenzie

Cayman Islands

  • Aristos Galatopoulos and Caroline Moran
  • Maples and Calder

China

  • Ni Jiahua and Liu Tiecheng
  • Clifford Chance

England and Wales

  • Ian Johnson
  • Slaughter and May

Germany

  • Andreas Dimmling
  • GSK Stockmann + Kollegen

Greece

  • Athanasia G Tsene
  • M&P Bernitsas

Hong Kong

  • Mark Hyde and Joanna Charter
  • Clifford Chance

India

  • Justin Bharucha and Priya Makhijani
  • Bharucha & Partners

Ireland

  • Robin McDonnell, Saranna Enraght-Moony and Karole Cuddihy
  • Maples and Calder

Isle of Man

  • Miles Benham and James Peterson
  • MannBenham Advocates Limited

Jersey

  • William Redgrave and Ed Shorrock
  • Baker & Partners

Luxembourg

  • Pierre Beissel and Sébastien Binard
  • Arendt & Medernach

Mexico

  • Dario U Oscós Coria
  • Oscós Abogados

Netherlands

  • Sijmen H de Ranitz, Lucas P Kortmann and Abslem Ourhris
  • RESOR NV

Nigeria

  • Folabi Kuti, Ugochukwu Obi and Olatunji Oginni
  • Perchstone & Graeys

Peru

  • Alfonso Pérez-Bonany López
  • FERRERO ABOGADOS

Poland

  • Krzysztof Żyto
  • Chajec, Don-Siemion & Żyto

Portugal

  • José Carlos Soares Machado and Vasco Correia da Silva
  • SRS Advogados

Russia

  • Pavel Boulatov
  • White & Case LLP

Singapore

  • Nish Shetty and Keith Han
  • Clifford Chance

Slovenia

  • Grega Peljhan, Bla ž Hrastnik and Urh Šuštar
  • Law Firm Rojs, Peljhan, Prelesnik & partners

South Africa

  • Gerhard Rudolph, John Bell and Viren Raja
  • Baker & McKenzie

Spain

  • Iñigo Villoria and Alexandra Borrallo
  • Clifford Chance

Sweden

  • Carl Hugo Parment and Nils Åberg
  • White & Case

Thailand

  • Suntus Kirdsinsap, Natthida Pranutnorapal and Piyapa Siriveerapoj
  • Weerawong, Chinnavat & Peangpanor Ltd.

USA

  • Donald S Bernstein, Timothy Graulich, Damon P Meyer and Christopher S Robertson
  • Davis Polk & Wardwell LLP

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