Insolvency Lawyers Rebecca Hume and Farrington Yates Tackle the Latest Developments in Cross-Border Insolvency at INSOL 2017 Congress
March 20, 2017
Insolvency lawyers Rebecca Hume and Farrington Yates explored the latest developments in cross-border insolvency and how to navigate recent changes at the INSOL 2017 Congress.
Rebecca Hume, who is based in the Cayman Islands, debated the “universalist” approach to dealing with cross-border insolvency and whether it is truly dead or the model for the future. The panel, titled “Universalism is Dead: a debate,” addressed the current position of the concept, notable setbacks it has suffered, and the increasing interest in the area as existing laws designed to promote universalism come under review.
Farrington Yates, an INSOL fellow who focuses his practice on international insolvency matters, led a discussion on the changing dynamics in the world of restructuring at the Congress Technical Program on Monday, March 20. He presented on a case study that focused on the topic of the first day’s sessions, the hypothetical cross-border restructuring of TopOil, a global producer of oil and gas. The panel, comprised of the session chairs from the day’s presentations, debated how businesses can reorganize in the face of complexities of a cross-border case, including addressing the competing duties between management and creditors and managing the expectations of constituents, forum selection, alternative restructuring regimes and the recognition and enforceability of orders from various courts, the treatment of corporate groups, bringing in new money, and tracing and collecting assets flung far and wide.