This article addresses the legal issues arising from the cross-border insolvency proceedings for Jet Airways Ltd., India’s largest private airline, which maintained flight routes around the world but stopped flying on April 17, 2019.
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The United Nations Commission on International Trade Law promulgated the Model Law on Cross-Border Insolvency (Model Law) as “a uniform approach” to having one proceeding — a foreign main proceeding — be principally responsible for managing a debtor’s insolvency regardless of the number of jurisdictions in which the debtor has assets or creditors.
Not all governmental units within a jurisdiction change their laws in concert with each other, nor should they: They may have different roles, functions, populations and constituencies, and financial profiles.
Richard Cole (rcole3@gmail.com) and Jon Lieberman (jon.lieberman@sottileandbarile.com), co-chairs of the ABI Consumer Committee, would like to thank all of the committee members and leaders who have made 2019 a most productive and exciting year.
Let’s face it: Effective consumer bankruptcy lawyers eschew litigation. Bankruptcy procedures promote compromise, and bankruptcy judges favor settlement. Many bankruptcy lawyers develop good settlement skills without ever participating in formal dispute-resolution processes. But occasionally, even effective lawyers can’t settle a case on their own.
The Ethics and Professional Compensation Committee has had a busy and productive 2019. As evidenced by our steadily increasing membership, the committee is a valuable resource for insolvency professionals interested in keeping abreast of current and important issues involving ethics and professional compensation in the bankruptcy field. These are some of the highlights from this year:
This is Part 2 of an article about the Lorick case,[1] concerning the disposition of the proceeds of the bankruptcy sale of a valuable property in Brighton Beach, Brooklyn, in which Wells Fargo was an oversecured creditor.
A recent decision by Judge Isicoff is a reminder that both (1) fee agreements in bankruptcy court are governed by state rules of professional responsibility, and (2) attorneys must read those rules carefully when drafting agreements.
At the Annual Spring Meeting in April, the committee hosted a panel that discussed the ins and outs of choosing a venue in which to file, including circuit splits on pertinent areas of law, variations in local rules, and the amorphous “comfort” level that some practitioners have with some jurisdictions over others.
