INSOL & RISA: One Day Joint Seminar
INSOL International and RISA Bahamas hold its first joint conference in Nassau, Bahamas
The event, which took place on Thursday 5th December 2019, was the first of its kind and attracted numerous skilled industry experts in the field of insolvency and restructuring.
Around 138 delegates attended the conference from multiple jurisdictions including The Bahamas, Barbados, Bermuda, British Virgin Islands, Canada, Cayman Islands, Jamaica, Hong Kong, Turks & Caicos, the UK and the USA. Lennox Paton was a Platinum Sponsor of the event.
The focus of the event was to highlight some of the key cases and issues faced by Offshore jurisdictions and the event was opened with a Welcome Reception on Wednesday night followed by the main Conference on Thursday and a closing dinner. The keynote speaker was Judge Kevin Carey formerly of the Bankruptcy Court of Delaware, who was responsible for the dismissal of the Chapter 11 Proceedings in the Baha Mar case. He begun the event addressing the topic ‘Recent trends in cross-border insolvencies.’
Brian Simms QC, Senior Partner at Lennox Paton, spoke alongside several panelists from the USA, Cayman Islands and the British Virgin Islands on the topic of clawback claims – ‘Where do I go for the best chance of recovering value for stakeholders?’. The panel discussed recent decisions relating to clawback claims and the obstacles involved in bringing such claims, addressing the powers and remedies available to officeholders in each jurisdiction.
Other highlights included a panel discussing ‘Cross-border forum shopping – Where should I seek recognition?’. Justice Ian Winder reviewed the latest developments in the region regarding forum shopping and COMI-shifting, the introduction of the economic substance test and how this will impact certain offshore jurisdictions. This was followed by ‘Departure from the old, dawn of the new?’ where the panel considered the proposed modernization of insolvency laws in various jurisdictions.
Rounding out the event was a highly topical Judge’s Panel discussing the subject ‘Judicial perspectives on topical issues in insolvency proceedings’. The judges and former judges shared their perspectives on how attorneys, insolvency practitioners and our courts can be more effective in insolvency proceedings. The panel consisted of Justice Indra Charles of the Supreme Court of The Bahamas, Justice Neville Adderley (former Justice of Appeal), The Honourable Justice Barry Leon (formerly of the Eastern Caribbean Supreme Court, BVI), Justice Robin McMillan of the Grand Court of the Cayman Islands and Chief Justice Brian Moree QC of the Supreme Court of The Bahamas.
Sophia Rolle-Kapousouzoglou, partner of Lennox Paton, co-chaired the event alongside Zelma Wilson of EY.