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Advanced Topics in Cross Border Insolvency

Hon. Lisa Beckerman, a bankruptcy judge in the Southern District of New York, discussed advanced topics in cross-border insolvency. She covered four main areas: foreign entities filing Chapter 11 in the U.S., U.S. companies with foreign subsidiaries filing Chapter 11, foreign entities filing Chapter 15, and U.S. companies restructured in foreign insolvency proceedings. Examples included Grupo Era Mexico, Kumtor Gold, and TVs Teca. Challenges such as automatic stay violations, competing insolvency proceedings, and plan enforceability were highlighted. Beckerman also addressed the complexities of Chapter 15 recognition, including the center of main interest and non-consensual third-party releases, and the trend of U.S. companies restructuring in foreign jurisdictions like the UK and Netherlands.

Tags:
Keywords:

cross-border insolvency, Chapter 11, foreign entities, automatic stay, competing proceedings, abstention issues, involuntary petitions, UNCITRAL Model law, center of main interest, non-consensual releases, foreign restructuring, parallel proceedings

Duration:

43 minutes 08 seconds

Hon. Lisa G. Beckerman is a U.S. Bankruptcy Judge for the Southern District of New York in New York, sworn in on Feb. 26, 2021. From May 1999 until she was appointed to the bench, she was a partner in the financial restructuring group at Akin Gump Strauss Hauer & Feld LLP. From September 1989 until May 1999, she was an associate and then a partner in the bankruptcy group at Stroock & Stroock & Lavan LLP. Prior to her appointment, Judge Beckerman served as a co-chair of the Executive Committee of UJA-Federation of New York’s Bankruptcy and Reorganization Group, as co-chair and as a member of the Advisory Board of ABI’s New York City Bankruptcy Conference, and as a member of ABI’s Board of Directors of from 2013-19. She is a Fellow and a member of the board of directors of the American College of Bankruptcy, as well as a member of the National Conference of Bankruptcy Judges (NCBJ) and the 2021 NCBJ Education Committee. She also is a member of the Dean’s Advisory Board for Boston University School of Law. Judge Beckerman received her A.B. from University of Chicago in 1984, her M.B.A. from the University of Texas in 1986 and her J.D. from Boston University in 1989.

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