[Webinar] Cross-border Restructuring: Recognition of Foreign Proceedings under the Singapore Regime and U.S. Chapter 15

The proliferation of cross-border trade and pollination of businesses across borders represent the reality of businesses today. Accordingly, both the prospects and the actual number of multi-jurisdictional restructuring and insolvency workouts have increased significantly. Increasing attention has been paid to how the restructuring and insolvency proceeding in one jurisdiction may or may not be recognized in another jurisdiction, and the real implications of such a recognition or non-recognition.

It is against this picture that ABLI held a webinar on September 13, 2022 with judges and practitioners from Singapore and the United States to discuss the followings:

• A brief overview of the recognition regimes under the UNCITRAL Model Law on Cross-border Insolvency, the common law system, and the civil law system

• A deeper dive into recognition under the UNCITRAL Model Law – whether such recognition is primarily a procedural tool, or does such recognition extend to the substantive effects of a foreign insolvency proceeding

• An overview of the mechanics of a US Chapter 15 case, the key benefits of Chapter 15 being a bespoke and significantly lower-cost procedure and its increasing usage to facilitate debtor-in-possession financing and extend the statutes of limitation of foreign avoidance actions

• Recent trends in US Chapter 15 cases – availability of third-party releases and litigation venue

Our speakers were Justice Aedit Abdullah (Judge of the Supreme Court of Singapore), Dan T. Moss (Partner of Jones Day), Sim Kwan Kiat (Head of Restructuring & Insolvency, Rajah & Tann Singapore LLP) and Judge Christopher Sontchi (Judge of the United States Bankruptcy Court for the District of Delaware (till 30 June 2022), International Judge of the Singapore International Commercial Court (effective from 4 July 2022)).

Refer to the flyer for more details.