Tackling cross border insolvency issues

Two
local insolvency experts were recently part of a panel examining recent
developments in cross border and offshore insolvency issues as well as topical
changes to certain practices in the United States Bankruptcy Courts.

Kenneth
Krys, of Krys & Associates and Craig Powles, a senior associate of Solomon
Harris Attorneys-At-Law, took part in a panel discussion entitled “Cross Border
Issues: Madoff Goes Offshore” at the 2010 International Insolvency Law Conference
held last month in Buenos Aires. Also on the panel were Judge Elizabeth Stong
of United States Bankruptcy Judge Court for the Eastern District of New York
and Christopher Jarvinen, partner of Hahn & Hessen, LLP, New York, a
co-founder of the annual conference.

The
conference drew an audience comprised of leading Argentine insolvency and
commercial lawyers, as well as US and Argentine bankruptcy judges. Delegates
came from all across Argentina, Uruguay, the Caribbean and the United States to
hear from the distinguished speakers.

“It
was an excellent opportunity to demonstrate the sophistication and capabilities
of insolvency practitioners and attorneys in the Cayman Islands and British
Virgin Islands,” said Mr. Krys.

“The
discussion of some of the complexities and areas of debate was well received by
the Argentine attorneys and judges who attended and it will aid in building a
better understanding of the need to assist and cooperate in international
insolvency proceedings.”

Mr.
Powles noted there has of course been a notable rise in cross-border insolvencies
involving both the United States and the Cayman Islands over the past two
years. T

“There
are many intricacies in the US Bankruptcy system that are evolving with each
new case brought before the Courts,” he said.

“By
focusing on these particularities in our discussion, we were hoping to share
our collective insight with our colleagues at this international platform.
Latin American economies are a very important emerging market and whilst
Argentina’s economy faces several challenges, it has great potential.”

Other
speakers at the conference included Judge Robert Drain, United States
Bankruptcy Judge for the Southern District of New York, who spoke about key
issues and differences regarding insolvency laws in Argentina and the United
States, and Javier Lorente, partner of Naveira, Truffat, Martínez, Anido,
Lorente y López Abogados in Buenos Aires and a renowned expert in Argentinean
insolvency law as well as conference co-founder and organizer.

Mr.
Jarvinen explained he and Mr. Lorente developed the idea for the conference in
2008 with the goal of fostering discussions of corporate and consumer
insolvency issues within the Argentine and international contexts and to provide
an opportunity for insolvency practitioners to network with one another.