A Cayman Islands insolvency professional has secured a spot in a prestigious training course that accepts only 25 candidates a year.
Mathew Clingerman, a senior manager at the Cayman Islands office of Krys & Associates, was accepted as a candidate to INSOL International, the leading association of restructuring and insolvency professionals, which recently kicked off its 2009/2010 Global Insolvency Practice Course.
A press release states that rising financial distress in a market characterized by a high degree of globalization has made insolvency professionals that understand and appreciate the many dimensions and dynamics of cross-border insolvencies more in demand than ever before.
This is particularly true in the Cayman Islands, where the majority of our financial services industry is international in nature.
For example, investment management is typically performed outside the Cayman Islands with over 50% of the assets being managed in the United States (primarily New York), followed by the United Kingdom with 20%, and other jurisdictions with 30%.
Similarly, over 60% of the accounting (NAV calculation) and share registration functions were performed outside the Cayman Islands based on assets under management. Further still the location of a fund’s assets, directors, and investors/creditors will almost certainly involve multiple jurisdictions.
The six-month programme is limited to just 25 students annually from around the world. Led by a prestigious group of insolvency practitioners, academics, and judges, it features a rigorous schedule of case studies and live examinations based on recent international insolvency law and practice.
Acceptance to the programme is based on a number of factors including the applicant’s qualifications and relevant experience. Successful completion of the Global Insolvency Practice Course will confer a designation of Fellow of INSOL International. Last year, just 19 candidates successfully completed the course.