GRR Live New York - in pictures

GRR Live New York - in pictures

28 September 2018

On 26 September, Global Restructuring Review held its second GRR Live New York conference, with a thought-provoking keynote speech by Singapore's Judge Kannan Ramesh.

GRR Live, New York: Thought-provoking solutions for global group insolvencies

GRR Live, New York: Thought-provoking solutions for global group insolvencies

01 October 2018

A Singaporean judge has questioned whether the doctrine of separate legal personality as an unshakeable principle should be re-examined when restructuring multinational corporate groups – and raised a “fascinating twist” to the concept of synthetic secondary proceedings as a way of managing cross-border insolvencies.


Donald Bernstein

Davis Polk & Wardwell

Mr. Bernstein, chairman of Davis Polk’s Insolvency and Restructuring Group, is globally recognized as among the small group of leading insolvency lawyers in the world. His practice includes representing debtors, creditors, liquidators, receivers and acquirers in major corporate restructurings and insolvency proceedings, as well as advising financial institutions and other clients regarding credit risks involved in derivatives, securities transactions, and other domestic and international financial transactions.

Lisa Schweitzer

Cleary Gottlieb Steen & Hamilton

Lisa Schweitzer’s practice focuses on financial restructuring, bankruptcy, insolvency and commercial litigation. She has advised clients in some of the most high-profile bankruptcy matters in North America, and her work repeatedly has been recognized by the business and legal press. Among her many highlights, Lisa is lead US restructuring counsel to Nortel Networks Inc. and affiliates in their US Chapter 11 proceedings.

Keynote Speaker

Justice Kannan Ramesh

Supreme Court of Singapore

Justice Kannan Ramesh was appointed Judicial Commissioner in May 2015 and Judge of the High Court in April 2017. He received his Bachelor of Laws (Honours) from the National University of Singapore in 1990. He was then admitted as an Advocate and Solicitor in Singapore in 1991, and appointed Senior Counsel in 2012. Before his appointment as a Judicial Commissioner, Justice Ramesh was Managing Partner of Messrs Tan Kok Quan Partnership, where he specialised in dispute resolution, insolvency and restructuring, and international arbitration. He was also appointed as Board Member of the Singapore Aerospace Manufacturing Pte Ltd and M1 Limited. In the former, he had an added role as Executive Committee Member, while in the latter, he was Chairman of M1’s Risk Committee, as well as Member of their Nominating and Audit Committees.


Patrick Ang

Rajah & Tann

Corinne Ball

Jones Day

Lynn Harrison III

Curtis, Mallet-Prevost, Colt & Mosle

Judge Sean Lane

Bankruptcy Judge, US Bankruptcy Court, Southern District of New York

Nick Segal

Freshfields Bruckhaus Deringer

Nicolaes Tollenaar



1.30: Welcome coffee and registration

2.00: Chairs’ welcome

Lisa Schweitzer, Cleary Gottlieb Steen & Hamilton
Donald Bernstein, Davis Polk & Wardwell

2.05: Keynote address

Justice Kannan Ramesh, Supreme Court of Singapore

2.35: Session one: Enforceability

The recognition of insolvency judgments has been called into question by recent case law, i.e. the Rubin case. This session will look beyond UNCITRAL to recent case law and ask: to what extent do these judgments throw out the outcomes of insolvency processes? How will this uncertainty affect would-be insolvency hubs that have few local contacts with debtors or creditors?

Questions the panel are expected to discuss include:

  • What principles should guide when a foreign restructuring should be recognised by a company’s home jurisdiction?
  • What strategies can be employed to minimise subsequent creditor challenges to a global restructuring in one forum?
  • How do limitations on enforceability shape the nature of a company’s restructuring strategy?
  • What does the latest case law from around the world have to say about recognition of insolvency judgements in the future?
  • What is the state of enforcing foreign insolvency proceedings in jurisdictions with fledgling – and therefore tricky – insolvency regimes?

Lisa Schweitzer, Cleary Gottlieb Steen & Hamilton
Donald Bernstein, Davis Polk & Wardwell

Patrick Ang, Rajah & Tann
Lynn Harrison III, Curtis, Mallet-Prevost, Colt & Mosle
Judge Sean Lane, US Bankruptcy Judge, Southern District of New York

3.50: Coffee break

4.20: Session two: Does Europe need a Chapter 11? A perspective from the US

Europe is in the middle of a quiet revolution, but all is not necessarily going smoothly. One of the notable aspects of the new EU pre-insolvency directive is its proposal of a uniform restructuring framework that incorporates Chapter 11-like elements such as the availability of a stay, protections for lenders providing new money, and absolute priority rule-like elements. To date, the proposed directive has been difficult for some European member states to swallow. Is that resistance ill-founded? What are the advantages of adopting a uniform system, including one that incorporates these concepts? Should Chapter 11 be extended to the rest of the world? And to what extent is it already happening?  Would that be risking “insolvency imperialism”?

Topics the panel are expected to discuss include:

  • What advantages would result from the adoption of a uniform pre-insolvency law in the EU given many jurisdictions already have robust, but unique, restructuring laws in place?
  • Are the proposed features of the directive necessary to improve a company’s prospects and expected creditor recoveries?
  • In what circumstances is the proposed directive expected to provide the most benefits?
  • In the absence of this regime, what other solutions are currently being used by companies and creditors to restructure debts prior to insolvency?

Lisa Schweitzer, Cleary Gottlieb Steen & Hamilton
Donald Bernstein, Davis Polk & Wardwell

Corinne Ball, Jones Day
Nick Segal, Freshfields Bruckhaus Deringer
Nicolaes Tollenaar, RESOR

5.35: Chairs' closing remarks 

Lisa Schweitzer, Cleary Gottlieb Steen & Hamilton
Donald BernsteinDavis Polk & Wardwell

5.40 onwards: All delegates are invited to a drinks reception kindly hosted by Cleary Gottlieb Steen & Hamilton


One Liberty Plaza, 1 Liberty Pl, New York, NY 10006, United States


Private Practitioner
Type Price Until
Standard $250 26 Sept 2018

Complimentary In-house/governmental registration available