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INSOL Seminar 5 November, 2009 Cayman Islands

INSOL Seminar 5 November, 2009 Cayman Islands. James Sprayregen INSOL Board Director. Vision INSOL International. Truly global (not just in form but also in substance) Truly independent and neutral

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INSOL Seminar 5 November, 2009 Cayman Islands

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  1. INSOL Seminar5 November, 2009Cayman Islands James Sprayregen INSOL Board Director

  2. Vision INSOL International Truly global (not just in form but also in substance) Truly independent and neutral Provide true and responsible leadership (for the profession, while gaining respect of stakeholders in general and society as a whole) Crucial role in defining international policy Enhance the prestige of profession “Global Information Bank” 2

  3. Global and rapidly growing Over 9,000 members and counting. Membership based in over 70 countries. Over 40 Member Associations . Many in formation. Main regions and countries. Lawyers, accountants, judges, bankers, turnaround specialists, policy makers, regulators and others. 3

  4. An expanding family 4

  5. GLOBALInsolvency.com Global information and data bank on insolvency A joint initiative of INSOL and ABI. Professionally managed project. Global in character, form and content. 5

  6. INSOL Scholars • INSOL awards 3 scholarships each year to young • and talented academics from three main regions. • Scholars for 2009-2010 are: • Trish Keeper from Victoria University of Wellington, • New Zealand • Professor Adrian Walters from Nottingham Trent • University, UK • OleksandrBiryukov from Institute of International • Relations of Kyiv Taras Shevchenko National • University, Ukraine. 6

  7. Publications - we continue to produce publications of great relevance to international, regional and domestic practitioners: • Global Principles for Multi-Creditor Workouts (2000) • Directors in the Twilight Zone I and II (2001, 2005) • Consumer Debt Project (2001) • Employee Entitlements (March 2005) • Bank Insolvency, An Guide for Deposit Insurers (2005) • Financing in Insolvency Proceedings (May 2006) • Credit Derivatives (2007) • Treatment of Secured Claims in Insolvency and Pre-Insolvency Proceedings (June 2007) • Claims Presentation and Resolutions: a guidance booklet • Twilight Zone III (2009) • Taxes issues relating to distressed companies (2010) 7

  8. INSOL Technical Papers Series INSOL publishes technical papers regularly on current hot topics. "Economic and Geographical Implications of Hedge Funds in Distressed Debt" by Sandra A Larratt-Smith, Swing Bridge Capital and Steven P. Ordaz, BMC Group "Securities Law Claims in Insolvency Proceedings" by Professor Janis Sarra, Associate Dean, University of British Columbia Faculty of Law, Vancouver, Canada "Formalities for the Transfer of Insolvent Businesses: The Obligatory Transfer of Employees in South Africa and the United Kingdom" by Professor David Burdette, University of Pretoria, Republic of South Africa "Inter-Company Debts and Set-Off” by Alastair Beveridge, Partner, Kroll Limited Deborah King, Director, Kroll Limited 8

  9. INSOL Technical Papers Series (cont.) "Strategic Consideration for Creditors Facing a debtor in Chapter 15 Under the United States Bankruptcy“ by Mr. John J Rapisardi, Partner Cadwalader, Wickersham & Taft LLP, Ingrid Bagby, Partner Cadwalader, Wickersham & Taft LLP & William Golden, an Associate Cadwalader, Wickersham & Taft LLP "Animal Figures & Alphabet Soup Understanding the Fat-tails of Asset Backed Securities“ by Sebastian Miralles “Avoidance Provisions in a Local and Cross-border Context: A Comparative Overview” by Professor André Boraine, University of Pretoria, South Africa “Bank Bankruptcy in Canada: A Comparative Perspective” by Associate Prof. Stephanie Ben-Ishai, York University, Toronto, Canada How the New PRC Enterprise Bankruptcy Law has Fared – Restructuring of A-share Listed Companies and Cross-border Implications” by Alan C W Tang, Partner and Head of Specialist Advisory Services, Grant Thornton, Hong Kong and China 9

  10. INSOL Case Studies Eurotunnel Plc & Eurotunnel S.A and Associated Companies Thanks to Andrew De Natale of White & Case HIH Casualty & General Insurance Ltd. & Other Companies Thanks to Geoffrey Raicht of McDermott Will & Emery Chapter 15 proceedings of Bear Stearns High-Grade Structured Credit Strategies Master Fund, Ltd. (In Provisional Liquidation) ("High-Grade Fund") and Bear Stearns High-Grade Structured Credit Strategies Enhanced Leverage Master Fund, Ltd. (In Provisional Liquidation) ("Enhanced Fund") Thanks to Andrew De Natale and Irina Gomelskaya of Stroock & Stroock & Lavan LLP 10

  11. Global Insolvency Practice Course First Course started in 2008 Intensive Programme Unique international learning experience Facilitates future networks Structure of CourseModule A: Three day face to face meetingModule B: Three day face to face meetingModule C: Five days on line sessions In association with and organised by the National Centre of Business Law University of British Columbia, Vancouver, Canada INSOL Fellowship 11

  12. 2009 Fellowship Course Module A 23-25 October, London Module B 19-21 February, Dubai Module C 15-19 March On Line

  13. Endorsed by World BankMahesh Uttamchandani World Bank Group“The fellowship programme will be a very rewarding investment towards a successful career, both through helping the development of professional skills and through fostering a greater understanding of different jurisdictions' cultures and systems.” 13

  14. INSOL One Day Seminars • Mexico – April, 2010 • New Delhi, India – December, 2010 • Mauritius – September, 2010 • Tokyo, 2011 • Focus on cross-border issues 14

  15. INSOL Academic Survey Impact of non-availability of post-commencement financing on restructuring around the world. 15

  16. Lead or supportive role in global, regional and country level policy and standard setting Initiatives Prominent role and contribution in UNCITRAL Projects . UNCITRAL Model Law on Cross Border Insolvency was conceived at joint UNCITRAL-INSOL colloquium. Key role in work and recommendations of WG VI. Active role in World Bank Group standard setting initiatives – World Bank Principles, Unified Standards. Member of Advisory Panel Lead role in key regional initiatives. 16

  17. The BRIC Countries initiative Russia – Supporting EBRD led policy roundtable in February 2010 on Insolvency Administrators role, with the MED in Russia. India - Policy roundtables with Ministry of Corporate Affairs (UNCITRAL Model Law and Regulating the IPs), training of stakeholders and study courses China – Two INSOL regional conferences. Brazil - Training programmes. BRIC Committee Latin America – Columbia, Argentina, Brazil training 17

  18. Join us at INSOL 2010 Regional Conferencefirst time in the MENA regionINSOL DUBAI February 21-24Dubai, UAE 18

  19. Thank You 19

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