New graduates of global insolvency practice course

INSOL
announced the second graduating class of its Global Insolvency Practice Course,
an advanced educational qualification focusing on international insolvency.

The
successful participants, which this year included Mathew Clingerman, senior
manager at Krys & Associates (Cayman) Ltd, are formally recognised as a
Fellow, INSOL International.

“Being recognised as a Fellow of
INSOL International is an extremely gratifying
achievement,” Mr. Clingerman said.

“Not only did the program provide
me with an enhanced knowledge base and skill set pertaining to cross-border insolvency
matters but it also fostered valuable relationships with my classmates and
lecturers from all over the world.”

With
the fast growing number of cross-border insolvency cases and the adoption in
many jurisdictions of international insolvency rules and provisions, the
turnaround and insolvency profession faces increasing challenges in the current
economic environment.

The
current outlook demonstrates that the practitioners of tomorrow need to have
extensive knowledge of the transnational and international aspects of legal and
financial problems of businesses in distress.

Mahesh Uttamchandani, Global Product Leader,
Insolvency, Investment Climate Advisory Services at the World Bank Group said,
The fellowship programme
is 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.”

The
fellowship programme is structured in three modules, the first of which was
held in London from the 23-25 October 2009 at University College London. The
second module took place in Dubai from the 19-21 February 2010, prior to the
INSOL annual conference.

The
last module made use of web enabled technology and featured a virtual court. It
was made available through the support of the University of British Columbia,
Vancouver, Canada.

Participants
undertook real time negotiations for a restructuring plan involving multiple
jurisdictions and a number of senior judges from around the world.

To
ensure academic excellence and the opportunity for good personal contact
between students and faculty, admission to the course is limited to a maximum
of 20 candidates each year, INSOL said in a press statement.

Potential
candidates must already hold a degree and have a minimum of five years
experience in the field to be considered for the programme.

President of INSOL Sumant Batra commented on the
programme:“In
this current period of global economic crisis, with continuing constraints on
capital availability, it is even more important for those involved in assisting
both corporates and lenders to have a strong understanding of the differences
in approaches to restructuring and insolvency that are likely to be encountered
in resolving multinational organisations.

“This
course, drawing on leading lecturers from around the world, brings together
both the financial and legal aspects that must be understood in tackling such
cases,” he added.

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