INSOL Miami. INSOL International. Annual Regional Conference. 20th-22nd May 2012 Turnberry Isle Hotel & Resort Miami, Florida, USA.

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1 INSOL Miami INSOL International Annual Regional Conference 20th-22nd May 2012 Turnberry Isle Hotel & Resort Miami, Florida, USA Sponsored by:

2 Conference Chairs Welcome INSOL is delighted to be holding its 2012 Annual Americas Conference in Miami. In a period when the pace of change continues to accelerate within the increasingly global world of restructuring and insolvency practice, there can be no better way to remain well-informed about current thinking, developments and opportunities than through interaction with your peers and other experts from across the sector. Breakouts, plenary sessions and informal discussions will cover a wide range of technical issues, and present best practices for providing workable and relevant solutions to public and private sector clients, whether their focus may be local or global. We look forward to welcoming you in Miami. Delegate places are always limited, so book now to reserve your place. Mark D. Bloom Greenberg Traurig LLP Conference Co-Chair Tinamarie Feil BMC Group Conference Co-Chair Contents Conference Educational Program 2 7 Registration Form 8 9 Hotel Booking Form 10 Registration Information 11 Ancillary Meeting Program 12 Offshore Meeting 13 Group of Thirty-Six, Sponsors & Committees 14 Smaller Practice Issues 15 Membership Benefits General Information 18 Member Associations 19 Conference Registrations Conference Manager Hotel Bookings Penny Robertson Tina McGorman Turnberry Isle Hotel & Resort INSOL International INSOL International Quoting: INSOL Conference 6-7 Queen Street 6-7 Queen Street London, EC4N 1SP London, EC4N 1SP UK UK Tel: +44 (0) Tel: +44 (0) Tel: Fax: +44 (0) Fax: +44 (0) Tel: pennyr@insol.ision.co.uk tina@insol.ision.co.uk Fax: tir.reservations@turnberryislemiami.com 1

3 Educational Program Main Sponsors: Ancillary Meeting Program Saturday 19 May am 5.00pm INSOL International Academic Colloquium Sunday 20 May am 5.00pm INSOL International Academic Colloquium 9.00am 5.00pm Offshore Ancillary Meeting 4.00pm 5.00pm Small Practice Issues Meeting Details of the ancillary programs can be found on pages Conference Program Sunday 20 May 2012 Plenary Sessions Grand Ballroom 12.00pm 8.00pm Delegate Registration, Garden Foyer 7.30pm 10.00pm Welcome Reception & Dinner, Laguna Pool Sponsored by BDO LLP For delegates and registered accompanying persons Monday 21 May am 4.00pm Delegate Registration, Garden Foyer 8.30am 9.00am Welcome Breakfast Buffet, Magnolia Courtyard Plenary Sessions Grand Ballroom 9.00am 9.30am Conference Welcome & Opening Remarks Plenary Session, Grand Ballroom 9.30am 10.30am Keynote Speaker Jim Millstein US Treasury s Chief Restructuring Officer The financial crisis of 2008 and the architecture to prevent the next one Plenary Session, Grand Ballroom When Lehman Brothers filed for Chapter 11 protection in September of 2008, two fundamental flaws in the architecture of the global financial system were revealed: first, the solvency of each of the globe s major financial institutions proved to be entirely dependent on its ability to source short term funding, from the so called wholesale market, rather than on its customer deposits. Thus, the contraction of credit in the commercial paper, repo, interbank and securities lending markets that immediately ensued after Lehman s filing threatened the collapse of the entire financial system. Second, the freeze in Lehman s customer accounts that were caught in the jurisdictional tangle between the U.S. Chapter 11 and the U.K. administration proceedings and the disorderly termination of Lehman s hundreds of billions of dollars derivative book in the early days of the two proceedings turned the insolvency proceedings themselves into accellerants of the crisis rather than providing the means of containing it. 2

4 Main Sponsors: 10.30am 10.45am Delegate discussion As a member of the Obama Administration s Treasury Transition Team during the Fall of 2008 and then as Treasury s Chief Restructuring Officer during , Jim Millstein was a senior member of the U.S. Government s crisis team, leading the effort to stabilize and restructure AIG and GMAC and one of the architects of the Administration s effort to reform the regulatory and insolvency system for systemically important financial institutions. Mr. Millstein will discuss the AIG rescue and restructuring and its lessons for future crises as well as the regulatory changes wrought by Dodd-Frank and whether they go far enough in addressing the two fundamental problems that the Lehman bankruptcy revealed am 11.15am Networking Coffee Break, Ballroom South Foyer Sponsored by RSM International 11.15am 12.15pm Breakout Sessions Grand Ballroom A1 Global government assistance The last two years have seen an unprecedented involvement of governmental bodies moving to support / underwrite private institutions. The focus of this session is to consider the nature of government assistance globally and in particular to specific industries. The speakers will focus on government assistance to private institutions in their respective countries, and the challenges and policy decisions that affected the viability and sustainability of such entities. The key questions that will be addressed are: What were the considerations for the policy decisions? What factors were present that convinced the governments to intervene? How was the level and type of intervention determined? How did the governments decide which private institutions to back and which to not back? Which other stakeholders were considered in the decision process? What does the future hold for government assistance should similar circumstances arise again? What went better or worse than originally expected, and finally contrast the global Government response to the US Government response? Veranda East/West Salon VI/VII B1 A chief executive officer s perspective This session will discuss the issues and challenges of restructuring corporations from the perspective of those leading the charge from within, the officers and directors. The speakers will provide insights arising from their personal experience, having each led a corporation through a restructuring process. It will be a useful session for all restructuring professionals and financial institutions as the speakers will give a first hand account of the challenges faced by chief executives as they manage their corporations through a period of fundamental uncertainty and change. C1 Reform and re-evaluation of consumer bankruptcy for the new economy This panel will premiere several high-profile co-ordinated efforts to provide unified guidance on consumer bankruptcy law and policy on a world-wide basis. Key topics will include INSOL International s Consumer Debt Book (2nd ed.), the International Association of Insolvency Regulators survey of best global practices, and the World Bank s policy guide for the insolvency of natural persons. Special attention will be drawn to the challenges faced by developing systems pm 12.30pm Delegate discussion 12.30pm 1.45pm Networking Lunch, Magnolia Courtyard Sponsored by hww wienberg wilhelm 3

5 Main Sponsors: 1.45pm 2.45pm Breakout Sessions Grand Ballroom A2 Government regulations and their impact on preventing or increasing the chance of insolvency This session will begin with introductory remarks on the provisions of Basell III and the regulatory environment. The remarks will highlight the key provisions of the legislation and why it is relevant to the operating environment of financial institutions and their borrowers, and also the policy considerations for the implementation of such legislation, including those caught in its web. Following the introductory remarks, panellists will debate the need for the imposition of such legislation and whether it will have a positive or negative effect on the economy. Questions to be raised are: Will it achieve its stated objectives? Will it curtail future innovation in restructurings? Will it adversely impact operating businesses? Could the legislation result in the demise of otherwise solvent entities? and; Is such legislation little more than a public smoke-screen? Veranda East/West B2 Throwing stones at BRIC walls Concerns over double dip recession and sovereign debt are sweeping the developed western world. Consequently, the new and emerging economies will become dominant in world trade and business in the future. Existing structures and principles for regulating business, based on traditional Western free market capitalism are being questioned by the developing world, particularly where they appear inconsistent with local economic reality or state-driven policies. Speakers in this session will identify and discuss some of these questions. What then is the future of the restructuring and insolvency professions? Will they become more state controlled in such countries? How will they develop given the different and varied economic and regulatory models in the new and emerging countries? And how will that influence the profession as a whole? Salon VI/VII C2 Distress investing: Value funds and their impact upon restructuring This panel will highlight strategies available to getting distressed companies to engage with their entire debt structure, not just their senior lenders. It will highlight tactics to enhance the rights and recognition of distressed investors, and address restructuring as a vehicle for a change of control in favor of value funds entering the distressed investor arena. 2.45pm 3.00pm Delegate discussion 3.00pm 3.30pm Networking Coffee Break, Ballroom South Foyer Sponsored by RSM International 3.30pm 4.30pm The world economic crisis Who s to blame and is it really over? Plenary Session, Grand Ballroom The global economic crisis saw the evaporation of trillions of dollars of wealth, yet even today it s root causes are in dispute. Was there too much government intervention or not enough? Does the focus on short-term gains, by both politicians and CEOs make future crises inevitable? This session will discuss the real causes of the financial crisis and will ask the questions: Have we really turned the corner of the crisis? Are we on the path to recovery? Have the practices/policies that led to the financial crisis truly been reformed to prevent a future return of financial instability and should the professions be changing their practices to meet the economic challenges ahead? The session will also look at how different countries have experienced the crisis in vastly different ways. Does this signal a fundamental shift in the world economy or is the bubble in many emerging markets about to burst? 4.30pm 4.45pm Delegate discussion 4.45pm Close Free evening 4

6 Main Sponsors: Tuesday 22 May am 8.30am Welcome Breakfast Buffet, Magnolia Courtyard 8.30am 8.40am Welcome Back, Grand Ballroom 8.40am 9.40am When whales flounder Nortel, the unravelling of a multi-jurisdictional enterprise Plenary Session, Grand Ballroom When Canada s pillar of corporate strength, Nortel Networks, ran aground the professionals ran to the rescue; the question being - were all the professionals running in the same direction? 9.40am 9.50am Delegate discussion 10.00am 11.00am Breakout Sessions The speakers will focus on the required balancing act to keep the enterprise on life support while protecting local directors and creditors including: How do you fund, as amongst the different estates, the losses of keeping the enterprise as a going concern? How do you sell integrated businesses that are conducted in all the jurisdictions with all the different entities claiming an ownership interest? How do you allocate the proceeds of sale to the various selling entities? How do you resolve inter-estate disputes when there is no single judicial body with jurisdiction over all the entities? It didn t take them long to realise that they had no choice but to do just that. Grand Ballroom A3 Herding the flock: Co-ordinating the insolvency of a multi-national group of companies Today, large multi-national groups are often run along business lines, operating across separate corporate entities and jurisdictional borders. In spite of this economic reality, local insolvency laws often lack adequate provisions to facilitate, where warranted, the co-ordination of multiple insolvency proceedings. The challenge to the professionals is how local insolvency proceedings can be strategically co-ordinated to maximise return to stakeholders. This session will identify the co-ordination challenges, formal and informal means of co-ordination, ad hoc co-operation between courts and what is seen in practice, and finally look at the future outlook - where are we heading and where should we be going? How can we change the old maxim that corporate groups live globally but die nationally? Veranda East/West B3 Dancing with the creditors Tune in for the latest episode in this increasingly popular reality show. Watch bondholders tango with shareholders, while liquidators waltz around the sensitivities of senior executives. Will shareholders once again face an early elimination, or will they be saved by the free-form improvisations of the bankers? Every corporate restructuring is different and every one is a new adventure. Join host David Cowling as he puts the contestants through their paces, exposing vested interests and compromising claims. At the end of the day, there may not be a clear winner, but who will be the biggest loser? This session will include a dynamic role play entailing the key participants of a restructuring presenting a restructuring plan including the conflict of interests, monumental challenges to be overcome, and the egos and emotions that inevitably come to bear on the success or failure of the outcome. The participants will assume a role and perspective that exhumes the challenges of a successful outcome. The session will include introductory remarks establishing the facts of the case, followed by actors representing three interest groups, management, the secured lender and an investor, each advocating the strength of their plan. At the end of the session, the audience will be asked to vote (by a show of hands) as to who emerged as the principle champion advocating a plan then we will see the egos emerge! 5

7 Main Sponsors: Salon VI/VII C3 Impact / influence of the government on high profile insolvency cases in Latin America Latin American corporate restructurings are largely influenced by governmental bodies. The influence of such bodies affects the nature of the restructuring and its eventual outcome am 11.15am Delegate discussion The session will discuss relevant and practical issues such as how do the stakeholders handle this influence including the judges; keeping the outside world informed as to the working environment of Latin America; major reforms to the laws; and examples of cross-border cases that were subject to government influence am 11.45am Networking Coffee Break, Ballroom South Foyer Sponsored by RSM International 11.45am 12.45pm Grand Ballroom Breakout Sessions A4 - Cross-border pension issues The speakers will address one of the principal issues faced by professionals involved in large multi-jurisdictional insolvency proceedings, pension obligations. The world of pension obligations, regulatory practices, and institutional protocols provides a myriad of challenges to professionals. Given changing demographics and changes in the world-wide pension landscape, the pension field is indeed a minefield. This session will focus on the restructuring and resolution of pension claims in insolvency proceedings; cross-border and group liability issues for such liabilities; the novel efforts of regulators to impose such group claims in crossborder insolvency proceedings and raise the question whether the changes afoot are for the better or worse. Veranda East/West B4 Restructuring a restructuring group This session will be an interview of two leading bankers from the UK and USA as to their interpretation of world events, including the impact on each of their institutions. The key questions to be asked will include: How was the crisis addressed by each of their institutions? What were the drivers for internal change, if any? Tactically how was change implemented? What has been learned a focus on best practices? Is the financial crisis really over a bankers perspective? and; What should be the red flags for the future as predictors of future economic crisis? Salon VI/VII C4 New and noteworthy: Recent cases & developments This session will be reserved for a discussion on newly emerging issues from North America, Europe and Asia / Australasia and current topical cases in the world of corporate reorganisation pm 1.00pm Delegate discussion 1.00pm 2.15pm Networking Lunch, Magnolia Courtyard Sponsored by PwC 2.15pm 3.15pm Breakout Sessions Grand Ballroom A5 Co-ordinating cross-border asset sales Wallabee Steel is a steel products manufacturer headquartered in Australia with operations throughout the world. Wallabee s business suffered from both the strong Australian dollar (thus harming exports) and the new Australian carbon tax. Wallabee was unable to reach a consensual restructuring with its international creditors and, therefore, called in the Administrators. The Administrators have decided to sell several of Wallabee s operations in Australia, the UK, the United States and Brazil. This expert panel will review the challenges and techniques for working within the local frameworks and with local creditors to co-ordinate the asset sales in order to maximise recoveries. 6

8 Main Sponsors: Veranda East/West B5 Revisiting Chapter 11, and Companies Creditors Arrangement Act (CCAA): Does reorganisation need reform? This panel will address the efficacy of the primary North American restructuring statutes. The evolution of the financial markets and economies in the US and Canada has required continual adaptation by their insolvency systems. The speakers will consider the question of whether the statutes in place today achieve their objectives, what strengths should be preserved and what weaknesses addressed. The panel will also survey the considerable body of scholarship regarding key areas of interest and will also describe efforts underway to provide a blueprint for reform and a catalogue of open issues and current options. Salon VI/VII C5 Battle of restructuring cultures : Out-of-court restructurings vs formal proceedings in Latin America Professionals and advisors outside of Latin America are more used to informal restructurings, while on the other hand, Latin American practitioners, judges and other public officers, feel more comfortable with full / formal insolvency proceedings. 3.15pm 3.30pm Delegate discussion This trend is changing rapidly. Many of the Latin American countries are introducing amendments to their local bankruptcy regimes to make their systems more cost effective and efficient in respect of informal restructurings. This battle of restructuring cultures is generating casualties in a few but relevant cases. The session will explore the conflict of cultures between insolvency practitioners and what is the right approach - if there is one? Is globalisation always for the best should national interests prevail? 3.30pm 4.00pm Networking Coffee Break, Ballroom South Foyer Sponsored by RSM International 4.00pm 5.00pm Bench views: Things that work, and things that don t work Plenary Session, Grand Ballroom A perennial favourite of all insolvency professionals includes a view of global restructuring practices from those that make the final decisions, the judiciary. 5.00pm 5.15pm Delegate discussion This session will be an interview of eminent judges and the judge s views will be asked on several issues. In particular, whether there is always a need for co-ordination of proceedings in multiple jurisdictions? Past successes and missed opportunities and the arguments for and against (formal and informal) court to court communication. 5.15pm Close of conference 7.00pm 10.00pm Gala Dinner, Grand Ballroom Sponsored by AlixPartners LLP For delegates and registered accompanying persons The Educational Program may be subject to change. 7

9 INSOL Miami Conference Registration Form May 2012 Conference Venue: Turnberry Isle Hotel & Resort, West Country Drive, Aventura, FL, , USA Deadline for early registration fee: 20 February 2012 Closing Deadline: 20 April 2012 Cancellation Deadline: 20 April 2012 Please mail or fax this form to: Tina McGorman, INSOL International, INSOL Miami, 6-7 Queen Street, London EC4N 1SP Fax: You can also register online at Note: This delegate registration form is valid for one delegate. Photocopies may be made for additional reservations. This registration form can only be accepted if accompanied by full payment, which can be made by cheque, or credit card. Title: First Name: Surname: Name as you wish it to appear on badge: Firm Name: Address: Tel: Fax: Which governing body/state do you require approval for CPE/CLE credits?: The delegate registration fee includes entry to the educational sessions on Monday 21 & Tuesday 22 May, Conference lunches on 21 and 22 May, the Welcome Reception & Dinner on Sunday 20 May and the Gala Dinner on Tuesday 22 May Accompanying Person Name as you wish it to appear on badge: The accompanying person registration fee includes entry to the Welcome Reception & Dinner on Sunday 20 May and the Gala Dinner on Tuesday 22 May. Accompanying Person is defined as a participant s spouse, partner, or other personal relation who does not have a business interest in the Conference. Registration Fees Before 20 February After 20 February Amount Payable INSOL Member Conference 1, , Non Member Conference 1, , Accompanying Person Fee Become a member of INSOL International and take advantage of all the member benefits including reduced conference fees. Please see further details on pages 16 and 17. To apply for membership please contact Dorothy Williams dorothy@insol.ision.co.uk Ancillary Meeting Fees Before 20 February After 20 February Amount Payable Academic Colloquium (INSOL Academic Group) Academic Colloquium (Practitioner) Offshore Meeting Smaller Practice Dinner Tickets per person Delegate name, firm and country will be listed on the delegate list. Photos & video may be taken during the conference for publication. Please bring your confirmation and photographic identification with you in order to collect your badge and conference papers. OFFICE USE ONLY ACKNOWLEDGED / CONFIRMED DATE CONFIRMATION # 8

10 Breakout Sessions Monday 21 May Please choose ONE session from each group 11.15am 12.30pm A1 Government assistance B1 A CEO s perspective C1 Consumer bankruptcy 1.45pm 3.00pm A2 Government regulations B2 Throwing stones at BRIC walls C2 Distress investing Breakout Sessions Tuesday 22 May Please choose ONE session from each group 10.00am 11.15am 11.45am 1.00pm 2.15pm 3.30pm A3 Herding the flock A4 Pension issues A5 Asset sales B3 Dancing with creditors B4 Restructuring a group B5 Revisiting Chapter 11 & CCAA C3 Government influence C4 New and noteworthy C5 Battle of Restructuring cultures Social Functions Conference Delegates and Registered Accompanying Persons Only Please tick the box to confirm attendance at the social functions Welcome Dinner on Sunday 20 May Gala Dinner on Tuesday 22 May Payment Summary If you wish to pay by cheque we can accept payment in Pounds Sterling. If you wish to pay by credit card please make the calculations and payment in Pounds Sterling. Cardholders will be charged by their credit card companies in their local currency. INSOL International is not responsible for any losses or gains in the fee due to currency changes. Delegate Fee: Accompanying Person s Fee: Total: I enclose a cheque/draft to the order of: Please debit my credit card details below for the order of: American Express MasterCard Visa Debit Card Surcharge Fee: Delegates paying with MasterCard/Visa/American Express will be charged a 2% surcharge to cover the credit card transaction fee. The additional charge will be added to your final invoice. Direct debit cards do not incur any additional surcharges. Card Number: Expiry Date: Security No: Cardholder Name: Card Billing Address (if different from address on previous page): Signature: Date: Special Dietary Requirements If you have any dietary restrictions, please remember to identify yourself to the staff at each event. INSOL will try their best to accommodate any special dietary requests: Additional Requirements The Turnberry Isle is fully wheelchair accessible. If you require further information please contact us. Hotel: Please indicate for our records which hotel you will be staying at: 9

11 Registration Information Payment: Conference payments by cheque can be made in Pounds Sterling ( ) and made payable to: INSOL International Limited. Payment should be sent together with your registration form to INSOL International, 6-7 Queen Street, London EC4N 1SP. Payment can be made by personal or company cheque. Please ensure that the name of the delegate and/or accompanying guest and company is written clearly on the back of all cheques, which accompany the registration form. Cheques must be made payable to INSOL International Limited for the Conference fee. If you wish to pay by credit card we accept Visa, Mastercard and American Express. All payments debited from your credit card will be in Pounds Sterling ( ). Cardholders will be charged by their credit card companies in their local currency. INSOL International is not responsible for any losses or gains in the fee due to currency changes. Credit Card Surcharge Fee: Delegates paying with MasterCard/Visa/American Express will be charged a 2% surcharge to cover the credit card transaction fee. The additional charge will be added to your final invoice. Direct debit cards do not incur any additional surcharges. Disclaimer: INSOL International (INSOL) cannot accept any liability for any loss, cost or expense suffered or incurred by any person if such loss is caused or results from the act, default or omission of any person other than an employee or agent of INSOL International. In particular INSOL cannot accept any liability for losses arising from the provision of services provided by hotel companies or transport operators. Nor can INSOL accept liability for losses suffered by reason of war, including threat of war, riots, and civil strife, terrorist activity, natural disaster, weather, fire, flood, drought, technical mechanical or electrical breakdown within any premises visited by delegates or their guests in connection with the Conference, industrial disputes, government action, regulations or technical problems which may affect the services provided in connection with the Conference. INSOL is not able to give any warranty that any person will appear as a speaker or panellist. English Law shall govern the contract between delegates, accompanying persons and INSOL International and any disputes shall be the exclusive preserve of the English Courts. Copyright: Copyright in all software, papers and other material produced for the Conference will be vested in INSOL. Companies and their delegates may copy such material for their personal use, but further copying, and in particular copying for sale or any other commercial purpose is prohibited without prior permission. Travel & Health Insurance: INSOL International shall not be responsible for, and shall be exempt from, all liability in respect of any loss, damage, injury, accident, delay or inconvenience to any person during the tours or Conference. It is the delegate and accompanying person s responsibility to be adequately insured in case of claims pertaining to travel/accidents and illness for the duration of your visit to Miami. Cancellation of the Conference by the Organisers and Insurance: In the event that the Conference is cancelled by INSOL, or by any reason of any factor outside the control of INSOL, and cannot take place, the amount of the Registration fee shall be refunded. The liability of INSOL shall be limited to that refund, and INSOL shall not be liable for any other loss, cost or expense, howsoever caused, incurred or arising. In particular, INSOL shall not be liable to refund any travel costs incurred by delegates or their guests or their companies. It follows that delegates and their guests and their companies are advised to take out comprehensive insurance including travel insurance. Cancellations of attendance by Delegates: All cancellations must be made in writing and sent to INSOL International, 6-7 Queen Street, London EC4N 1SP United Kingdom. The policy regarding the refund of registration fees is as follows: Cancellations received up to and including 20th April 2012 There will be a cancellation fee of 50 per delegate and/or accompanying guest, which will cover the production of delegate materials and administration expenses. Cancellations received after 20th April 2012 It is regretted that from this date, there will be no refund of registration fees received, and delegates will be liable for the total cost of any outstanding fees relating to the Conference. A substitute maybe put forward to fill your delegate s place. Confirmation of Cancellation: If no written confirmation of the cancellation is received within 24 hours please contact INSOL International and ensure the cancellation has been received. Hotel Bookings and Cancellations: All hotel bookings are the responsibility of the individual delegate to make and cancel directly with the hotel. Credit card guarantee is required at time of reservations. Please note the, Turnberry Isle Hotel & Resort operate the following cancellation policy: All cancellations must be made 31 days prior to arrival, cancellations after that will result in a late cancellation charge equivalent to the full duration of stay. Guaranteed reservations will be held until noon of the day of the confirmed arrival date. Thereafter, guestrooms will be subject to availability. No Show Policy: A charge will be levied for the entire duration of the accommodation booked. Conference Registration via the net: Registrations can also be made via the INSOL website at 11

12 Continuing Professional Education For those delegates who are required by their professional associations to achieve minimum levels of continuing education, certificates of attendance will be available on request. The Law Society of England and Wales The Law Society of England and Wales has accredited this conference for 11 hours of CPE. The relevant form will be in your delegate pack. The reference number is BXZ/INSO. Please complete your form and leave it in the boxes at the back of the plenary room, a prize draw will be announced at the Gala Dinner. For those delegates who are required by their professional associations to achieve minimum levels of continuing education, certificates of attendance will be available on request. New York and many US states have adopted procedures to extend comity to jurisdictions whose CLE accreditation standards meet their standards. The Law Society of England and Wales is one of these approved jurisdictions. The ICPAS has accredited this conference for 11 hours of CPD. The IPAS has accredited this conference for 12 hours of CPD. The Canadian Association of Insolvency and Restructuring Professionals (CAIRP) has approved the conference for their Mandatory Professional Development Credits. Ancillary Program The ancillary program is scheduled to take place on Saturday 19 May and Sunday 20 May The ancillary meetings are not included in the conference registration fee. Each meeting is individually priced. The ancillary programs may be subject to change. INSOL International Academic Colloquium Saturday 19th May & Sunday 20th May 2012 (Open meeting) As a result of considerable demand from our members within academia, the INSOL International Academics Group will host a colloquium prior to the annual INSOL Americas Conference. The INSOL Academics Group and the Colloquium is Chaired by Professor Ian Fletcher, of University College London. The Colloquium is open to observers/practitioners who would like to register to attend. The Group is highly interactive and will discuss and debate the individual papers presented by some of the world s leading professors. This gives delegates an opportunity to hear the latest cutting edge theories from the academic world. In 2012 the sessions will cover a wide variety of subjects. A detailed program will be made available prior to the colloquium on the INSOL website. The colloquium will be joined on the Sunday afternoon by those taking part in the 2012 INSOL Global Insolvency Practice Course in addition many Fellows attend the colloquium and take part in the proceedings. It has been agreed that the following topics will be included in the working sessions, and a call for papers has been issued to all academic members (and is hereby extended to any like-minded, non-academic members of INSOL who are interested to become involved): The tension between integrity of process and maximization of value in asset realizations and restructurings (e.g. stalking horse arrangements; pre-packaged administrations) The revision of the European Insolvency Regulation Special focus on Latin-American insolvency issues Chapter 11 Magnificent Obsession or Fatal Attraction? Consumer bankruptcy, (including reflections on the 2nd edition of the INSOL Consumer Debt Report, and on the problems relating to repayment plans) Insolvency issues encountered in developing jurisdictions. Problems experienced by SME s. The role of the international organizations (ADB; EBRD, OHADA, etc). 12

13 Offshore Ancillary Meeting Miami Issues surrounding hedge funds and other offshore vehicles Sunday 20 May 2012, 9.00am 5.00pm This is the first offshore ancillary meeting to be held prior to an INSOL conference and follows the success we have had with recent one day seminars in Cayman Islands 2009 and British Virgin Islands Both seminars were sold out with over 100 delegates attending both from offshore and onshore jurisdictions. The main organising committee, Andrew Bolton (Chair), Appleby; Scott Cruickshank, Lennox Patton, Fellow, INSOL International; Gordon MacRae, Zolfo Cooper (Cayman) Ltd. and Michael Morrison, KPMG Financial Advisory Services Limited are working to provide a stimulating and informative day. With hundreds of thousands of companies incorporated in so-called offshore jurisdictions, and three quarters of the world s hedge funds domiciled in the Cayman Islands alone, offshore entities feature prominently in many international financial structures. The insolvency regimes of the jurisdictions concerned vary quite significantly. Experts from Bermuda, the Cayman Islands, the BVI and other major offshore jurisdictions gather together for a focussed discussion of the current issues in offshore insolvency and restructuring. Kindly sponsored by 8.15am 9.00am Registration and welcome tea and coffee 9.00am 9.15am Welcome & Introduction INSOL International: Gordon Stewart, INSOL President Offshore Chair: Andrew Bolton, Appleby 9.15am 10.15am Session One Recent issues in offshore insolvency litigation The judges view A panel of distinguished judges will explore some of the key issues in recent decisions and emerging differences between offshore centres am 10.30am Delegate discussion 10.30am 10.50am Coffee Break 10.50am 11.30am Session Two - Segregated account companies Legislation establishing segregated account companies (SACs) exists in most of the major offshore jurisdictions but does not always pay adequate attention to the possibility of their insolvency. This panel will look at some of the challenges that arise with this type of vehicle am 12.15pm Session Three Schemes of Arrangement This panel will explore uses of the very flexible options offered by schemes in areas of particular concern in offshore jurisdictions, such as insurance, funds and SACs, and also in the settlement of litigation pm 12.30pm Delegate discussion 12.30pm 2.00pm Lunch 2.00pm 3.00pm Session Four Funds part one - Clawback Claims Using a case study based on facts encountered by the panel, this session will examine some of the issues regarding the bringing and defending of clawback claims and the decisions that need to be made. 3.00pm 3.15pm Delegate discussion 3.15pm 3.45pm Coffee Break 3.45pm 4.45pm Session Five Funds part two Practical issues facing practitioners An insightful examination of some of the issues faced by practitioners in today s changing environment where legal obligations can sometimes clash with practical difficulties. 4.45pm 5.00pm Delegate discussion 5.00pm 5.10pm Close 13

14 Sponsors INSOL International would like to thank the following sponsors for their generous support of INSOL Miami. Main Sponsors: General Sponsors: AlixPartners LLP, BDO LLP, Financial Times, hww wienberg wilhelm, Mourant Ozannes, Ogier, PwC, RSM International. Sponsorship opportunities are available for this conference. Please contact for more details. Main Organising Committee Mark D. Bloom Greenberg Traurig LLP Conference Co-Chair Tinamarie Feil BMC Group Conference Co-Chair Cyrus Pardiwala PwC LLP Treasurer Kevin Brennan Ernst & Young Inc Educational Co-Chair Ken Coleman Allen & Overy LLP Educational Co-Chair Educational Program Committee Kevin Brennan Ernst & Young Inc Educational Co-Chair Ken Coleman Allen & Overy LLP Educational Co-Chair Peter Gothard Ferrier Hodgson, Fellow INSOL International Melissa Kibler Knoll Mesirow Financial Consulting LLC Hans Klopper Independent Trustees (pty) Ltd Javier Lorente Naveira, Truffat, Martinez, Anido, Lorente & López Abogados (NTMDALL) Robert Mark United States Bankruptcy Court, Southern District of Florida John Marsden Mayer Brown JSM Tom MacLennan RSM International Brendan O Neill Goodmans LLP Kimberly Davis Rodriguez KPMG LLP Ron Silverman Bingham McCutchen LLP Derrick Tay Norton Rose OR Stephen Taylor AlixPartners LLP Berto Winters De Brauw Blackstone Westbroek NV The Group of Thirty-Six features some of the most prominent and influential firms within the insolvency and turnaround profession. The aim of the Group of Thirty-Six is to work with INSOL to develop best practice guidelines and develop legislation to enhance the ability of practitioners globally to save businesses throughout the world. AlixPartners LLP Allen & Overy LLP Alvarez & Marsal LLC BTG Global Network Bingham McCutchen LLP Cadwalader Wickersham & Taft LLP Chadbourne & Parke LLP Clayton Utz Cleary Gottlieb Steen & Hamilton LLP Clifford Chance Davis Polk & Wardwell De Brauw Blackstone Westbroek Deloitte LLP Ernst & Young LLP Ferrier Hodgson Freshfields Bruckhaus Deringer Goodmans LLP Grant Thornton Greenberg Traurig LLP Hogan Lovells Huron Consulting Group Jones Day Kaye Scholer LLP Kirkland & Ellis LLP KPMG LLP Linklaters LLP Norton Rose Group Pepper Hamilton LLP PPB Advisory PwC RSM International Shearman & Sterling LLP Skadden, Arps, Slate, Meagher & Flom LLP Weil, Gotshal & Manges LLP White & Case LLP Zolfo Cooper LLP 14

15 Smaller Practice Issues The INSOL International Smaller Practice Committee under the chairmanship of Hans Klopper annually hold an open meeting for any smaller practitioner attending the conference on Sunday afternoon 4.00pm 5.00pm in order that everyone can meet prior to the start of the conference to facilitate networking. If you would like to attend the open committee meeting please let us know and an agenda for the meeting will be sent out to you. The intent of the committee: The committee will canvas the views of smaller practitioners to establish how the federation can answer their needs It will consider matters of particular concern to smaller practices in different jurisdictions It will carry out research into the areas of concern and establish how the problems are handled in different jurisdictions (liase with Technical Research Committee) It will make available the results of such research to the members of INSOL International. Smaller Practice Issues Committee A Potted History A large proportion of INSOL s members are smaller practitioners. For this sector of the membership INSOL produced the Consumer Debt Report in INSOL went on to form the Smaller Practice Issues Committee in A survey of members which was self selecting as in if you identify yourself as a smaller practitioner please respond to the survey was carried out. The results of the survey were published in INSOL World First Quarter Issue The key requests were: To promote local expertise via the website Provide a consumer debt study by country INSOL created a Smaller Practice website which we have developed over the years to include a forum for discussion. With regard to meetings specifically for smaller practitioners INSOL then held a smaller practice ancillary meeting in 2005 at the Quadrennial Congress in Sydney. It was determined by the members that they would prefer to have a dedicated stream of technical sessions in the main program rather than a separate meeting. In 2007 at INSOL Cape Town we started a three-tier program which provided 6 breakout meetings on smaller practice issues. Increasingly the Smaller Practice Committee have found that the subjects of interest to them are of the same interest in the main to larger firms and it is becoming increasingly difficult to put a full program together of pure smaller practice issues. This is probably due to the change in the profession in that there is much more cross-border work and issues affecting practitioners of all sizes, therefore there are two dedicated smaller practice sessions at INSOL Miami. The main program will cover areas of interest to practitioners from all size firms. Work In Progress In July 2011 INSOL published a book titled Creditors Rights in Insolvency Proceedings A Practical Guide for Smaller Practices. In addition, later this year, a revised Consumer Debt Report will be published to include country by country reviews and information on those countries that have no consumer legislation. We have also launched in 2011 a dedicated technical series covering smaller practice issues. The website forum is on going as is the Network of members at A dinner is being arranged on the Monday 21 May which is the free evening for any smaller practitioner and their accompanying person. There is an additional cost to attend the dinner and you would need to register for it when you register to attend the conference. 15

16 Membership Benefits Join today if you are not already a member and save up to 500 on the cost of attending the INSOL Miami Conference! Members of INSOL International are entitled to the following benefits through their membership of the Association: Conferences Members of INSOL receive preferential rates to attend both the Quadrennial Congress, which is held every four years and the annual regional conferences. The saving on, for example, the INSOL Miami Conference is in the region of per delegate. The conferences give you the opportunity to network with colleagues from your own country and world-wide. We are constantly striving to develop technical programs that are at the cutting-edge in their content and presentation. INSOL also arranges one-day seminars in various destinations to provide educational cross-border programs, members are entitled to a discounted rate. INSOL World INSOL World, is our quarterly member s newsletter. The newsletter features current events and developments concerning the profession world-wide, our Member Associations and INSOL International. Technical Electronic Newsletter INSOL launched in October 2005 an electronic newsletter, which is ed to all members monthly. This contains information on recent cases, new & pending legislation, journal articles and news items. International Insolvency Review The IIR is a unique publication containing technical articles on many aspects of international insolvency. The Editor is Professor Ian Fletcher, Professor of International Commercial Law, Faculty of Law, University College of London. It is published by Wiley-Blackwell three times a year. The institutional subscription rate is US$825 but the INSOL member s rate is only US$186. INSOL Technical Papers Series (2006 -) Under this series INSOL publishes technical papers regularly on a number of current hot topics, currently we have published 18 papers. Covering subjects as diverse as Economic and Geographical Implications of Hedge Funds in Distressed Debt ; Inter-Company Debts and Set-Off ; How the New PRC Enterprise Bankruptcy Law has Fared Restructuring of A-share Listed Companies and Cross-border Implications ; Corporate Groups and Liability Issues in Argentina, USA and the UNCITRAL Recommendations. INSOL Smaller Practice Issues Technical Paper Series (2011-) INSOL has just launched a new series covering smaller practice issues. Case Studies The objective of each case study is to give a good insight into significant practical issues that have come up in these cases and to find out what lessons can be learned for the future. The case studies are presented in a standard format. 16

17 Global Turnaround INSOL members receive a preferential rate for subscription to this monthly international newsletter for company rescue and insolvency specialists. Publications Members of INSOL receive free of charge a personally mailed copy of any publications produced by INSOL. In the last few years this has included thirteen separate publications. Our latest publication being Creditors Rights in Insolvency Proceedings: A Practical Guide for Smaller Practices July Website The website at is updated regularly to give the members current information regarding INSOL International. Smaller Practitioners web site This website is available for smaller practitioners to display their personal profiles for other practitioners to view their particular expertise and to enable networking. Members also have access to the global insolvency website, which is hosted by the American Bankruptcy Institute on behalf of the INSOL member associations. This is a valuable source of information for members. It provides INSOL members with a comprehensive overview of global insolvency issues. Membership Directory Our Membership Directory is published annually. The Directory is a focal point of reference for organisations and individuals working in the business-rescue and insolvency profession in over 60 countries throughout the world. In addition to full member listings, the directory contains: Details of professional firms who work for insolvency professionals and banks both domestically and outside their home countries Details of firms who wish to be seen as international players: from specialist insolvency firms and accountants to solicitors, barristers and service-suppliers Survey of IP qualifications and appointment around the world Details about INSOL and its Member Associations A brief overview of the global insolvency marketplace A geographical index of all members and their firms. To find out how to become a member of INSOL dorothy@insol.ision.co.uk 17

18 General Information Conference Hotel Turnberry Isle Hotel & Resort West Country Club Drive, Aventura, Florida Tel: Fax: Web: Check-In: 1600 hrs Checkout Time: 1200hrs. Should delegates wish to occupy the room before 1600 hours, placing a reservation a night prior to the arrival date is recommended. Checkout time is 1200 hours. Daily group rate will be chargeable for late checkout beyond 1200 hours. Climate Average highs are 85/29 and lows of 64/18. Time Zone GMT +5 hours Currency Currency: US Dollar (US$) = 100 cents. Notes are in denominations of US$ 100, 50, 20, 10, 5, and 1. Coins are in denominations of US$1 and 50,25,10,5 and 1 cents. Currency exchange: Hotels will as a rule exchange currency and most major banks will exchange foreign currency. Tipping Generally, there is a service charge added to the bill. If this charge is not included, then it is appropriate to tip the waiter 15%-20% or whatever you feel is appropriate. Electricity Electricity is 110 volts AC, 50Hz; flat two-pin plugs are standard. Airport Twelve miles south of Fort Lauderdale Hollywood International Airport and 18 miles north of Miami International Airport. Dress code Speakers are requested to wear jacket and tie. Smart casual to conference sessions and jacket and tie for the Gala Dinner. Language The official language is English. Joining Instructions A confirmation of your booking will be sent to you on receipt of receiving your registration and payment. The joining instructions will be sent by on the 21 April Social Functions Registered accompanying persons attending the social functions must be over the age of 21. Accompanying Person is defined as a participant s spouse, partner, or other personal relation who does not have a business interest in the Conference. Visa and Other Requirements It is the delegates responsibility to ensure they have the correct travel documents to enter the USA. Delegates should check with their travel agents and/or local American Embassy or Consulate for current Visa requirements. 18

19 Member Associations American Bankruptcy Institute (Professional Section) Asociación Argentina de Estudios Sobre la Insolvencia Association of Business Recovery Professionals R3 Association of Hungarian Insolvency Lawyers Association of Insolvency and Restructuring Advisors Association of Insolvency Practitioners of Southern Africa Business Recovery and Insolvency Practitioners Association of Nigeria Business Recovery and Insolvency Practitioners Association of Sri Lanka Canadian Association of Insolvency and Restructuring Professionals Canadian Bar Association (Bankruptcy and Insolvency Section) China University of Politics and Law, Bankruptcy Law and Restructuring Research Centre Commercial Law League of America (Bankruptcy and Insolvency Section) Consiglio Nazionale Dei Dottori Commercialisti and Esperti Contabili Especialistas de Concursos Mercantiles de Mexico Ghana Association of Restructuring and Insolvency Advisors Groupe de Réflexion sur l insolvabilité et sa prévention 21 Hong Kong Institute of Certified Public Accountants (Restructuring and Insolvency Faculty) Hungarian Association of Insolvency Practitioners INSOL New Zealand INSOLAD - Vereniging Insolventierecht Advocaten INSOL Europe INSOL India Insolvency Practitioners Association of Australia Insolvency Practitioners Association of Singapore Instituto Brasileiro de Gestão e Turnaround Instituto Iberoamericano de Derecho Concursal Institute of Certified Public Accountants of Singapore (Special Interest Group of Insolvency) International Association of Insurance Receivers International Women s Insolvency and Restructuring Confederation Japanese Federation of Insolvency Professionals Law Council of Australia (Business Law Section) Malaysian Institute of Certified Public Accountants Nepalese Insolvency Practitioners Association Non-Commercial Partnership Self-Regulated Organisation of Arbitration Managers Mercury (NP SOAM Mercury) REFor The Insolvency Practitioners Register of the National Council of Spanish Schools of Economics Recovery and Insolvency Specialists Association (BVI) Limited Russian Union of Self-Regulated Organizations of Arbitration Managers The Association of the Bar of the City of New York The Society of Insolvency Practitioners of India Turnaround Management Association (INSOL Special Interest Group) International Association of Restructuring, Insolvency & Bankruptcy Professionals 6-7 Queen Street, London, EC4N 1SP Tel: +44 (0) Fax: +44 (0)