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Insolvency, Restructuring and Creditors' Rights (SIRC)
SIRC’s October 08 'Conference within a Conference' - Buenos Aires, 12-17 October 2008 SIRC Journal - Insolvency & Restructuring International ("IRI") The Section is happy to announce that the fourth issue of the journal is available for download from the SIRC library. Canadian Bar Association National Bankruptcy and Insolvency Section Conference 2008 The 4th Annual Pan-Canadian Insovency and Restructuring Conference will take place at the Four Seasons Hotel, Vancouver 17-19 September 2008. Visit the website for full and further information 34th Session of UNCITRAL Working Group V Insolvency Law - SIRC Delegation and Reception Among the guests were the Under Secretary General for Legal Affairs of the United Nations Nicolas Michel, the Secretary of UNCITRAL Jernej Sekolec, former Secretary of UNCITRAL Gerold Hermann, IBA Legal Practice Division Vice-Chair Hendrik Haag, and IBA Legal Profession and World Organizations Committee (LPWOC) Chair Tore Wiwen-Nilssen. SIRC was represented by Co-Chair Alexander Klauser, Insolvency Legislation Subcommittee Chair Brigitte Umbach-Spahn, and by Enforcement of Creditors’ Rights Subcommittee Vice-Chair Spiros Bazinas. The SIRC reception for UNCITRAL was featured in Austrian media as a top event and led to several articles describing how the IBA contributes to the legislative work of UNCITRAL in various fields of international trade law. Messages from the Co-Chairs The Section on Insolvency, Restructuring and Creditors Rights is the most prominent international association of lawyers interested in insolvency and creditors' rights law. Members are encouraged to participate actively in the Section's work both at its semi-annual conferences and, throughout the year, through the work of its Subcommittees and through articles in the Section's Journal. The Section serves as an Official Observer to the UNCITRAL Working Group on Insolvency Law, which it has assisted in developing the UNCITRAL Model Law on Cross-Border Insolvency and with which it is currently working to identify areas for harmonisation of domestic insolvency laws, aimed at ensuring certainty and effectiveness in cross-border trade and other financial transactions. The Section works closely, on these and other efforts, with other multinational institutions concerned with insolvency, such as the World Bank, the International Monetary Fund, the Asian Development Bank and the Group of Thirty, as well as with organisations of insolvency practitioners such as INSOL International, the Association of European Insolvency Practitioners and national insolvency specialist organisations. The role of the Insolvency, Restructuring and Creditors' Rights Section is also to coordinate the activities of the Insolvency, Restructuring and Creditors' Rights Subcommittees. Twice yearly, the Section on Insolvency, Restructuring and Creditors Rights sponsors substantive educational sessions on the most cutting-edge issues in insolvency and creditors' rights, drawing speakers from its members as well as from government, business and industry, the judiciary and academia. In conjunction with these sessions the Section sponsors a networking dinner which has become legend for exceptional ambience, cuisine and camaraderie.
For more information on the Section Officers please click here View a listing of past Section Officers
The Section on Insolvency, Restructuring and Creditors Rights has three subcommittees. Each sSubcommittee generates periodic reports on its activities for the Section's newsletter, and other publications (and, in the case of the Insolvency Legislation and Reform Harmonisation Subcommittee, for UNWOC when appropriate), as well as programme material for the cCommittee’s presentations at the Section’s mid-year meeting and the annual meeting of the IBA.
Each subcommittee is led by a Chair selected by the SIRC leadership. Subcommittee leadership contributions will be strongly considered in the leadership succession process for SIRC. As new members join SIRC, they will be encouraged to join one or more subcommittees. It is envisioned that, as international insolvency practice continues to evolve over the coming years, other subcommittees may be created with LPD approval. In addition to monitoring and reporting on developments in national insolvency legislation around the globe, subcommittee members staff the Section's commitments to, among other world bodies, UNCITRAL, and will also respond to other requests for input on insolvency law reform projects. The subcommittee will coordinate:
All UNCITRAL related work will be coordinated directly with, and supervised by, SIRC’s UNCITRAL Liaison. The subcommittee's Chair will serve as official Section liaison to UNWOC. Subcommittee Officers
Enforcement of Creditors Rights The subcommittee focuses on issues of interest to secured and unsecured vendors and lenders in liquidation and reorganisations, including, inter alia, remedies, lien enforcement, extension of credit to insolvent or distressed debtors, inter-creditor priorities and protection of the value of collateral. The subcommittee coordinates its efforts with those Sections and Committees of the LPD whose constituencies may be impacted by insolvency cases, and works to produce joint programmes of mutual interest at IBA conferences and seminars. Subcommittee Officers
Reorganisations and Workouts The subcommittee focuses on both formal and informal restructurings, including, inter alia, issues relating to the negotiation, proposal, solicitation and litigation of plans of reorganisation, schemes of arrangement, pre-packaged plans, compositions, expedited reorganisations and out of court workouts. The subcommittee coordinates its efforts with those Sections and Committees of the LPD, such the Securities Committee and the Capital Markets Forum, whose constituencies are frequently impacted by reorganisation cases and workouts and works to produce joint programmes of mutual interest at IBA conferences and seminars. Subcommittee Officers
15th Annual Global Insolvency and Restructuring Conference The Section on Insolvency, Restructuring and Creditors' Rights holds a conference each spring at which insolvency practitioners from across the globe come together to discuss developments in their area. Topics to be covered at SIRC's 15th Annual Global Insolvency and Restructuring Conference (which is supported by the North American Regional Forum) include the insolvency, restructuring and solvency regulation of financial institutions and the future of insolvency and restructuring practice - professional strategies for success in a rapidly changing environment. For further information on any forthcoming or past IBA event, go to the conferences homepage or contact the marketing department. The Section on Insolvency, Restructuring and Creditors Rights has become known and respected internationally for its groundbreaking projects in insolvency law reform and harmonisation. These efforts have set a standard for the work of important policymaking organisations and opinion leaders throughout the world. They also have been cited in opinions issued by bankruptcy courts and utilised by practitioners in notable cross-border disputes. The Section has had a significant impact on the practice of cross-border insolvency law, and the Section has been integrally involved in the development of insolvency legislation that has been enacted into law around the world. Click on the following links for more information on Section projects: MIICAThe IBA Concordat The UNCITRAL Model Law on Cross-Border Insolvency The UNCITRAL Legislative Guide on Insolvency Law Current UNCITRAL project on the insolvency of corporate groups Section Publications As of May 2007 the Section on Insolvency, Restructuring and Creditors' Rights produces a bi-annual journal. To download the current journal and past newsletters please visit the SIRC library. The editors, Derrick Tay and Bart de Man welcome contribution proposals. For more information please download the contributor guidelines. If you would like to advertise in the journal please contact Andrew Webster-Dunn, IBA Sponsorship Manager for more information. For further details of all IBA publications including books, journals, newsletters, conference papers and free guides and materials go to the publications homepage. Gain access to the IBA Member's Directory Subscribe to the Section on Insolvency, Restructuring and Creditors' Rights mailing list. (Section members only.) For a full list of links available from this site If you would like to suggest links which may be of interest to Insolvency, Restructuring and Creditors' Rights members please send the URL to Kelly Savage. Country and Regional Sites Academic Institutions and other Information Sources Conference Organisers
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