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2017-02-doc13 Territoriality of EU Insolvency Regulation?

One of the characteristics of the EU Insolvency Regulation is its territoriality. In the draft text of my forthcoming book, I made some remarks on the topic. This is the third memo inviting reactions. See the initial invitation to participate in developing the fourth edition of my book on EU insolvency Law on this blog www.bobwessels.nl, go to 2017-01-doc13. For the other memo's search for 'memo' on this blog, and you'll find them. Once again, I am looking forward to your reactions, please before 13 March, at info@bobwessels.nl. Memo03

2017-02-doc12 III 2017 Prize in Int'l Insolvency Studies

Entries Homeare invited for the prizes, awarded by the International Insolvency Institute (III) for the 2017 Prize in International Insolvency Studies. The Prize in International Insolvency Studies comprises a Gold Medal Prize for the winning submission as well as a Silver Medal Prize, a Bronze Medal Prize, and several Finalist Prizes. The Prizes are accompanied by an honorarium for the Medal winners. Topics can be matters of international insolvency and restructuring significance and on comparative international analysis of domestic insolvency and restructuring issues and developments. The winner’s contribution will be published in Norton Journal of Bankruptcy Law and Practice, s/he will receive a trip to the III’s conference in London in June 2017. The winner(s) will meet insolvency experts from around the world and to present their paper. The prize is particularly aimed at undergraduate or graduate students, researchers or practitioners in practice for less than nine years. Entries must be received by March 31, 2016. The III Prize started during my directorship at the Board of III (2004-2010), and I have acting as co-chair of the Jury for its first seven years. The Jury now is formed by some 10 insolvency law professors all over the world. The III Prize is a great supports for the younger generation to develop itself to the global top. More information about this Prize and the conditions for entering can be found as well as III in general can be found via: http://www.iiiglobal.org/

2017-02-doc11 José María Cervelló Business Law Prize

The 11th José María Cervelló Business Law Prize aims to promote legal study and research, and to facilitate access to the LLM courses of IE Law School for people who do not have the necessary financial resources. The IE Law School (which used to be named Instituto de Empresa) and the law firm ONTIER recently announced this prize competion. The subject of the essays opting for the 11th José María Cervelló Business Law Prize is: ‘Brexit: Legal consequences of the departure of the United Kingdom from the EU for businesses. Legal framework of the withdrawal and new Legal Framework, special reference to the problems of transitory law in respect of contracts, corporate operations and litigation’. The prize is considerable: € 30,000 divided as follows: € 10,000 will be given to the author of the winning essay, whilst € 20,000 will be assigned to the José María Cervelló Chair to be applied to its scholarship programme for the study of legal or tax courses at IE Law School. For further details, see https://es.ontier.net/ia/cervello-xi-becas-a4-ing.pdf This is the first time I learned about this prize. I have known José Maria Cervelló (1947-2008) for quite some time. José Maria has been a member of the global board of the Ernst & Young Law Alliance (as it was called then), which I chaired (I have been a parter of Ernst & Young, now EY, from 1992-2005). We have known each other from the early 90s and worked together in this board from (I try to recall) 1997 – 2002. In my seven person board, with lawyers from countries including the UK, Canada, France, Italy and Germany, José Maria was the most cooperative strategic and forward looking thinker, with a general understanding of the needs and the wishes of young lawyers working in an international environment. He also was a professor at the IE Law School and taught on internal E&Y international courses, to which it was as a great advantage that he was an attorney for the State. José Maria always had a keen eye for the challenges international lawyers face with regard to certain principles of law to be maintained. Evidently, he was a strong supporter for the golden triangle of combined services in Tax-Accountancy-Law, which for many international clients (often boards of companies, not their legal departments) was rather evident. He also had a doctoral degree in arts and was a member of the association of friends of the Prado Museum. Being in charge, we also managed to organise our board meetings in Madrid and Amsterdam, arriving a day earlier. As a friend of Prado, he had easy access to the museum, and he could show me a variety of paintings in the Prado (a special tour for me on ‘Dutch history and royalty’ reflected in ‘Spanish’ paintings, and paintings of Velazquez). In the Netherlands, I recall, I could guide him through the Frans Hals Museum in Haarlem, so we could discuss the remarkable resemblance of the linen collars the regents in Spain and Holland wore at that time. I understand that he has donated a large collection of historical books and paintings on art and architecture to the Prado, see https://www.museodelprado.es/aprende/enciclopedia/voz/cervello-grande-jose-maria/9c8441ca-3918-48a2-a81e-6d11ca964019. It was 2003 or 2004 when I spoke José Maria for the last time in Madrid on the possibility of giving lectures on cross-border restructuring and insolvency law. To our regret it could not be arranged. Looking back I think we were too early with the idea for lectures or a small course on that subject. I regard myself as privileged to have work with him and getting to know him.

2017-02-doc10 ABI writing competition

Students from European universities are expressly invited to participate in the American Bankruptcy Institute (ABI) Ninth Annual ABI Bankruptcy Law Student Writing Competition. A broad range of topics is envisaged: bankruptcy jurisdiction, bankruptcy litigation, or evidence in bankruptcy cases or proceedings, consumer bankruptcy or such topics as bankruptcy sales, plan confirmation and other topics that involve jurisdiction, litigation or evidence in the bankruptcy courts. Papers must be submitted no later than March 1, 2017, and need to have been written since March 1, 2016. Available awards include $4,000 in prize money and publication in the prestigious ABI Journal and ABI committee newsletters. Winners of the competition will be announced in April 2017. A one-year ABI membership is available to all students who participate. Coordinator of the competition is Andrew B. Dawson, Associate Professor, Univ. of Miami School of Law and ABI Resident Scholar Spring 2017. http://papers.abi.org/  

2017-02-doc8 EU and DIP

The debtor in possession (DIP) is a well know figure in insolvency law, especially in American bankruptcy law. During an insolvency the DIP stays in charge of the business of the debtor-company. There is no appointment of an insolvency practitioner by a court. The 'debtor in possession' will have a pan-European status as from 26 June 2017, as it is introduced in the Insolvency Regulation (Recast). Attached is the (unedited) draft of a regular column I am writing for Global Restructuring Review (GRR) on the topic of cross-border restructuring and insolvency in a European context. GRR is a subscription-only publication. My column appeared in October 2016, on GRR’s website at http://globalrestructuringreview.com GRR Oct 16 EU welcomes the DIP