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INSOL International News Update
June 2018  Issue No. 6
This issue is kindly sponsored by...

Chartered Accountants • Licensed Insolvency Practitioners

Contents at a Glance...

Editor's Note

Highlight Article

The Americas

Asia Pacific

Europe, Africa and Middle East

Publications & News

Conferences & Seminars

Editor's Note

Welcome to INSOL’s monthly news update and this edition, like its predecessors, is packed with “must reads” from the global insolvency world. All eyes offshore and indeed beyond have been focused intently on the outcome of the Saad litigation and the revelation of the world’s largest ever Ponzi scheme, stretching over 30 years and involving billions of dollars of losses.
The bankruptcy world continues to buck the global trend of tariffs and borders with an ever-increasing internationalist approach. The Model Law flexed its muscles again in the Southern District of New York. In In re Platinum Partners, Chapter 15 was interpreted so broadly as to provide pre-action disclosure where it was not available in the foreign main proceeding. Certainly, a distinction from the common law analysis of assistance in Singularis.
Meanwhile, legislators are busy. Exciting new reforms are being debated in India, Singapore and, most notably, in the PRC.  We report on the Supreme People’s Court’s vision for a modern bankruptcy regime to provide means of ridding the nation of its zombie businesses whilst resuscitating the healthier ones. Whilst New Zealand are advanced with bespoke legislation aimed at unwinding Ponzi schemes.
From Australia, there is a report on an appeal which raised significant issues about the new statutory regime for the registration of liquidators in Australia following the reforms introduced by the Insolvency Law Reform Act 2016 (Cth). The England and Cayman appeal courts gave important guidance in the context of market valuations and validation orders. Elsewhere, the British Property Federation gave its views on the recent spate of UK CVAs seeking to reduce / compromise lease liabilities. It’s Venezuela’s turn to be in the Latin American spotlight in this edition. As litigation advances and judgments and awards begin to stockpile, the question of enforcement and the prospects of creditors and bond holders in the current political climate is examined
Finally, INSOL’s GDPR team were, of course, as effective as one would expect and as a result we can all enjoy this article on the top 5 issues of GDPR affecting financial institutions.
Andrew Thorp
Harneys, British Virgin Islands

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Highlight Article

China: Solving the Zombie Problem
The term “zombie company” is used to describe businesses that generate funds but – after covering running costs, fixed costs (including wages, etc) – only yield enough available profits to cover the interest due on their debts, and not service the debts themselves. They rely on their creditors being satisfied to refrain from bringing insolvency proceedings, effectively postponing indefinitely (and potentially perpetually) the recovery of the principal sums due. Often the creditors in question are banks that have made loans to the companies and are prepared to keep the companies on life support indefinitely.
In China, the emergence of zombie companies has been linked with over-productive companies that struggle in the face of shrinking demand, as a result of over-investment. It has been accompanied by a decline in the aggregate profits of Chinese industrial companies: by 2016 state-owned companies saw profits fall to a third of those of private Chinese companies and half of those of foreign-owned companies operating in China.
The PRC’s vision for a modern bankruptcy regime to provide a means of ridding the nation of its zombie businesses while resuscitating the healthier ones was announced earlier this year: on 4 March 2018, the Supreme People’s Court of China Notice 53 of 2018 Issued the Minutes of the National Court Bankruptcy Trials Conference (the Notice). The Highlight Article this month looks at the current legislative framework in China set against the backdrop of the current approach taken by the Chinese courts and the PRC’s new vision, as set out in the Notice.


Andrew Thorp
Mark Rowlands

Senior Associate

Harneys, British Virgin Islands  
To read the full article please click here

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The Americas

Cayman Islands
(i) Revealed: The Largest Ponzi Scheme the World has Ever Seen   
Ahmad Hamad Algosaibi & Brothers Company (AHAB) v Al-Sanea & Ors   

On 31 May 2018, judgment was handed down by the Cayman Court in favour of the liquidators of Saad Investments Company Limited (SICL) in a case that will become known for the revelation of the largest Ponzi scheme the world has ever seen. The Court found that members of a Saudi family, the Al-Gosaibis, together with another Kuwaiti born individual, Maan Al Sanea, who married into the family, have been responsible for running a massive fraud against more than 100 Saudi and international banks for more than two decades.
The case arose out of the collapse of businesses owned by the Al-Gosaibi family (AHAB) and Al Sanea in 2009. In an attempt to deflect liability, AHAB accused Al Sanea of forging signatures and documents to borrow billions of dollars in its name, and then of stealing the cash to expand his own businesses. In a 9 year case led by Joint Official Liquidators (JOLs), it was revealed that AHAB’s activities involved the churning of borrowings totalling approximately $330 billion over 20 plus years and were only brought to a halt by the freezing of the credit markets in 2008/9. 
For a case note by Grant Thornton, 31 May 2018 please click here

(ii) Recent Judgment of the Cayman Islands Court of Appeal Concerning Validation Orders 
Aurora Funds Management Limited et al -v- Torchlight GP Limited (Unreported, 27 April 2018) (CICA 1 of 2017) (unreported) 
In this recent decision, the Cayman Islands Court of Appeal dismissed an appeal brought in respect of an order made by McMillan J in the Grand Court validating certain payments made during the course of proceedings involving a just and equitable winding up petition, which was presented on 18 June 2015 against Torchlight Fund LP (the Partnership), a solvent, closed ended fund which specialises in investment in distressed assets. The Petition was brought by various limited partners of the Partnership. Whilst it was not in dispute that McMillan J had applied the correct legal test for the making of the validation order, the Appellants' principal complaint was that McMillan J had failed to give adequate reasons for his decision to make the validation order.  
For a case note by Conyers Dill & Pearman, May 2018 please click here 

New York Bankruptcy Court Permits Discovery Requests in Chapter 15 Case Despite Potentially Conflicting Cayman Islands Law
In Re Platinum Partners Value Arbitrage Fund L.P. (In Official Liquidation) No. 16-12925, 2018 WL 1864931 (Bankr. S.D.N.Y. Apr. 17, 2018)
On 17 April 2018, the U.S. Bankruptcy Court for the Southern District of New York issued a decision requiring CohnReznick LLP (CohnReznick) to produce documents requested by the foreign representatives in the chapter 15 case of Platinum Partners Venture Arbitrage Fund (International) Limited (in Official Liquidation).
CohnReznick argued inter alia that it did not need to comply with the requests because (Cayman Islands law precludes the production of the requested documents. The Bankruptcy Court rejected this argument noting that “…it is well established that comity does not require that the relief available in the United States be identical to the relief sought in the foreign bankruptcy proceeding; it is sufficient if the result is comparable and that the foreign laws are not repugnant to our laws and policies.”
For a case note by Cole Schotz P.C., 14 May 2018 please click here
For the case decision please click here

Start Your Engines: Are We Going to See More Creditor Recovery Efforts in Venezuela?  
Recent weeks have seen a step-up in creditor efforts to pursue court judgments and judicial execution on the assets of Petróleos de Venezuela, S.A. (PDVSA). This article summarises the magnitude of the claims against PDVSA and the Republic – both those that have been reduced to arbitral awards or judgments and are in various stages of enforcement proceedings, as well as the much larger pool of additional claims that are not (yet) in litigation but could become the subject of judicial proceedings. It also provides an update on the pending enforcement proceedings in the United States and elsewhere and the possible ramifications of those proceedings directly for the creditors involved and indirectly for those other PDVSA and Republic creditors watching from the sidelines. 

For the full article please see Cleary Gottlieb Steen & Hamilton LLP Alert Memorandum, 29 May 2018
This article was published by the Social Science Research Network. 

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Asia Pacific

AAT Approves Registered Liquidator Application of Non-Resident and Provides Important Clarification in Respect of the New Registration Regime 

This appeal application before the Administrative Appeals Tribunal (AAT) by Mitchell Mansfield of Borrelli Walsh, an Australian citizen who now resides in and works in Singapore, raised significant issues about the new statutory regime for the registration of liquidators following the reforms introduced by the Insolvency Law Reform Act 2016 (Cth). It is the first case before the AAT where the operation of the new regime has been considered. 

The decision provides clear and persuasive guidance to applicants, in particular, with respect to the discretionary pathway to registration pursuant to subsection 20-20(5) of the Corporations Schedule and the meaning of ‘exposure to processes’ under the Bankruptcy Act.  The clarification provided by this case may assist to enable practitioners to strengthen their cross-border capabilities and to provide a pathway for practitioners to return to the jurisdiction following temporary absence.
For a case note by Norton Rose Fulbright, 8 June 2018 please click here
For the case decision please click here

New Zealand
Bespoke Regime for Unwinding Ponzi Schemes  
There is currently no targeted regime in New Zealand providing for the recovery of investor funds lost in a Ponzi scheme. When unwinding a Ponzi scheme, the courts and insolvency professionals often find themselves in the position of trying to apply the insolvency regime in the Companies Act 1993 and, in some cases, the prejudicial dispositions regime in the Property Law Act 2007. Neither of these regimes was designed for recoveries where the purpose of the business was to defraud investors.
The Ministry of Business, Innovation and Employment is proposing that a new liquidation mechanism be incorporated within the Financial Markets Conduct Act 2013. The objectives of the proposed new regime for unwinding Ponzi schemes are to:

  • provide consistent outcomes for investors;
  • share losses among investors as fairly as possible; and
  • minimise the cost to investors of unwinding the scheme.

A discussion paper outlining the options was released this month. Submissions close on 6 July 2018.
For the full article please see Chapman Tripp Brief Counsel, 5 June 2018
For the discussion paper please click here 
Corporate and Individual Bankruptcy Under One Roof What to Expect in the Upcoming Insolvency Bill
A new Insolvency Bill in the works is expected to further transform Singapore’s bankruptcy landscape, perhaps most notably by consolidating the existing individual and corporate bankruptcy legislation. At present, the rules relating to corporate and personal insolvency are generally housed separately- within the Companies Act (Cap 50, 2006 Rev Ed) and the Bankruptcy Act (Cap 20, Rev Ed 2009) respectively. This Bill may impact virtually every type of company as many will find themselves concerned with insolvency laws during their lifecycle.  This article explores the business rationale behind the changes and the nature of the expected amendments.
For the full article please see Dentons Rodyk Insight, 31 May 2018

Issues Arising Under the Indian Bankruptcy Code - an International Perspective
With further reform of the new Indian Bankruptcy Code (IBC) in prospect, this article identifies six issues which have come up as areas for potential reform.  The authors offer their thoughts and experiences in respect of each issue and provide a short summary of the approach taken in the UK, and a comment on the current position under Indian law. Some of the issues addressed include:

  • Should the resolution professional be an individual or an incorporated entity (e.g. company, limited partnership or other partnership entity)?
  • Should the law permit the disposal of viable businesses and assets as part of a resolution plan rather than emphasising the survival of the corporate debtor in question?
  • How best to “whitewash” liabilities predating the commencement of CIRP in a resolution plan (those liabilities being actual, future, contingent, known or unknown at that date and thereafter)?

For the full article please see Herbert Smith Freehills Hong Kong e-bulletin, 4 June 2018

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Europe, Africa and Middle East
Determining “Fair Market Value” in a Distressed Market: the Court of Appeal of England & Wales Rules on Interpretation of GMRA 2000
LBI EHF v Raiffeisen Bank International AG [2018] EWCA Civ 719 

Following its entry into receivership during the height of the financial crisis in October 2008, the Icelandic bank Landsbanki Islands hf. (now LBI) became liable to Raiffeisen Bank (RBI) in respect of a series of "repo" transactions under which a portfolio of bonds had been provided as collateral for a loan. As the Defaulting Party, LBI had to pay RBI (the Non-Defaulting Party) a sum representing the agreed Repurchase Price for the securities minus the Default Market Value of Equivalent Securities, pursuant to the terms of the Global Master Repurchase Agreement (2000 version). 
The issue for the English Court of Appeal in this case was whether the Non-Defaulting Party's assessment of the "fair market value" of the securities could be based on prices achieved or quotations obtained in a distressed or illiquid market, or whether a "normal" trading environment should be assumed for the purposes of valuation. 

For the full case note please see Mayer Brown Legal Update, May 2018
For the case decision please click here



(i) GDPR and Financial Institutions: the Top Five Issues 
The General Data Protection Regulation ((EU) 679/2016/EU) (GDPR) came into force on 25 May 2018 and represents a sea-change in the way personal data is regulated in the EU. The GDPR will have direct effect in the UK until such time as it leaves the EU, and the UK government has confirmed that it is incorporating an equivalent regime into domestic law that will continue to apply post Brexit.
Given the breadth of the personal data that they collect relating to both employees and customers, financial institutions will need to be particularly aware of their obligations under the GDPR. Those firms based outside the EU are not immune from the effects of the GDPR either. Its extra-territorial scope means that non-EU financial institutions (whether a data controller or processor), will be caught by the regime where the relevant processing activities are related to offering services to individuals within the EU. This article picks out five aspects of the GDPR that the authors consider to be particularly significant for financial institutions.
For the full article please see Bryan Cave Leighton Paisner LLP Legal Insight, 25 May 2018
(ii) Spotlight on CVAs – The British Property Federation Gives its Views on the Recent Spate of “Landlord” CVAs 
CVAs have been a part of the UK insolvency landscape for the past decade. They have been used to rescue retailers and hospitality sector businesses in significant distress and landlords have generally been supportive. What seems to have changed is that they are now being deployed in circumstances where immediate distress is less clear cut. CVAs are meant to put businesses in trouble back on their feet and there has also been a concern that recent CVAs are not ‘whole’ restructuring exercises, but simply focused on shedding lease liabilities. Landlords are concerned that such an approach weakens the chances of the CVA working and their investments are being prejudiced to the benefit of some retailers’ investments and other creditors. In this article the British Property Federation gives its views on the recent spate of CVAs seeking to reduce / compromise lease liabilities.
For the full article please see Squire Patton Boggs, eSQUIRE Global Crossings, 11 June 2018

                                                                                                                       Back to top
Publications & News

INSOL International Technical Paper Series – Cross-Border Insolvency in Singapore: The Effectiveness of the Judicial Insolvency Network and the JIN Guidelines on the Administration of Cross-Border Insolvency Matters 

May 2018


The adoption of the UNCITRAL Model Law on Cross-Border Insolvency, the creation and inaugural conference of the Judicial Insolvency Network (JIN) and the formulation of the Guidelines for Communication and Cooperation between Courts in Cross-Border Insolvency Matters developed by the JIN (the Guidelines) represents a concerted effort by both the legislature and the judiciary of Singapore to create a place for Singapore as a leading regional hub for international debt-restructuring, insolvency and corporate rescue.
This excellent paper explores the effectiveness of the JIN and the Guidelines in the administration of cross-border insolvency matters and compares them with the UNCITRAL Model Law on Cross-Border Insolvency. This paper then examines some unique challenges and opportunities faced by the JIN and the Guidelines in the administration of multi-national cross-border insolvencies. 

INSOL International sincerely thanks Ajinderpal Singh and Ng Guo Xi of Dentons Rodyk & Davidson LLP for this analysis and for writing this excellent technical paper.
To view the technical paper click here

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Conferences & Seminars

INSOL Singapore
2 - 4 April 2019

Save the date for the INSOL International Asia Pacific Annual Regional Conference taking place in Singapore at the Sands Expo and Convention Centre, Marina Bay Sands.  This will be a superb opportunity to meet colleagues from around the world in the vibrant city of Singapore. The Main Organising Committee and the Technical Committee have already commenced work to develop a cutting edge and forward looking technical programme.


Registration will open from 1 October 2018.
We would like to thank our main sponsors Borrelli Walsh, Lipman Karas, Norton Rose Fulbright and RSM for their generous support of INSOL Singapore. For further information on sponsorship please contact Tina McGorman, tina@insol.ision.co.uk 


INSOL International Channel Islands One Day Seminar

Tuesday 3 July 2018
Radisson Blu Waterfront Hotel, St Helier, Jersey

The fifth annual Channel Islands one day seminar is taking place in St. Helier, Jersey this year. The seminar is organised in association with ARIES, the Channel Islands INSOL member association, and with the support of restructuring professionals from Jersey and Guernsey. 
Download a copy of the registration brochure.
Registration deadline is Thursday 21 June, please don’t forget to book your place before the deadline! Click here

Session 1: Evolution or revolution – Is insolvency in a state of transition?
Chair: Jamie Toynton, Grant Thornton
Nigel Sanders, Ogier
Hon Elizabeth Stong, US Bankruptcy Court, Eastern District of New York
John Verrill, Norton Rose Fulbright
Session 2: Locking the stable door, before the horse has bolted
Chair: Tom Smith QC, South Square
Roy Bailey, EY
Alasdair Davidson, Bedell Cristin
Elizabeth Elliott, Stephenson Harwood LLP
Brexit keynote speaker:
Rear Admiral Chris Parry
Session 3: Where does Brexit take us?
Howard Morris, Morrison & Foerster
Barry Cahir, Fellow, INSOL International, Beauchamps
Session 4: Understanding tomorrow's building blocks
Chair: Charlotte Møller, Fellow, INSOL International, Reed Smith LLP
Ben Jones, Fellow, INSOL International, BLP
Ken Krys, KRyS Global
James Willmott, Carey Olsen
Session 5: Is regulation on the front foot?
Chair: Rebecca Stubbs QC, Maitland Chambers
Alex Adam, Deloitte
Simon Gould, Mourant
Todd McGuffin, Babbé
We would like to thank the following sponsors for their generous support of the INSOL Channel Islands Seminar: 
Platinum Sponsors: Bedell Cristin | Grant Thornton | LDM Global 
Breaksfast Sponsor: South Square

Coffee Break Sponsor: KRyS Global
Lunch Sponsor: Ogier
Dinner Sponsors: BDO | Carey Olsen
For further information and details of sponsorship opportunities, please contact Sarah Smith, INSOL International sarah@insol.ision.co.uk

INSOL International Academics' Colloquium

11-13 July 2018 
BMA House, Tavistock Square, London, WC1V 9JP
Registration Brochure and Programme
The Academics' Colloquium provides a truly exceptional platform for meeting, deliberating and networking between those within academia and those from the general membership of INSOL International. Colleagues from universities and research institutes world-wide are able to come together with lawyers, accountants and other practitioners in order to exchange theoretical insights and practical observations, and to bring these elements together as significant and valuable perspectives on the global insolvency market and experience.
We look forward to meeting colleagues old and new in London for two days of highly stimulating sessions.

INSOL International Jakarta One Day Seminar
Thursday 13 September 2018
Fairmont Hotel, Jakarta, Indonesia

INSOL International is running its second one-day seminar in Jakarta on Thursday 13 September 2018. The Main Organising Committee have prepared a stimulating and relevant programme. Further details can be found on our website.
Registrations are now open. Click here to register online.
Thank you to the following sponsors for their generous support of the INSOL Jakarta Seminar: 
Platinum Sponsor: AJCapital Advisory
Lunch Sponsor: Deloitte

For further information and details of sponsorship opportunities please contact Susannah Drummond Moray, INSOL International at susannah@insol.ision.co.uk 

INSOL International Dubai One Day Seminar
Wednesday 3 October 2018

INSOL International is delighted to announce the date for the first one day seminar to be held in Dubai on Wednesday 3 October 2018.
Main Organising Committee:
Robin Abraham, Seminar Co-chair - Clifford Chance 
Ahmed Al Hajri, Seminar Co-chair - Department of Economic Development (DED)
Hani Bishara - EY 
Bill Gambrill - Everys Legal Consultancy
Kara Gouyez Benallal - Department of Economic Development (DED)
Paul Leggett - Deloitte 
Anthony Manton - PwC 
The main organising committee are working on the technical programme which will be available shortly on the INSOL website.

A number of sponsorship opportunities are available. For further information please contact

Sarah Smith at sarah@insol.ision.co.uk

INSOL International Hong Kong One Day Seminar
Wednesday 7 November 2018
Four Seasons Hotel, Hong Kong 

INSOL International will be running its first seminar in Hong Kong on Wednesday 7th November 2018. The Main Organising Committee have prepared an interesting and relevant technical programme. Full details of the programme can be found on our website.  Registrations will open shortly.  


We would like to thank the following sponsors for their generous support of the INSOL Hong Kong One Day Seminar: 


Platinum Sponsors: Carey Olsen | Conyers Dill & Pearman | Lipman Karas | Tanner De Witt

Cocktail Reception Sponsor: Harneys


For further information and details of sponsorship opportunities please contact Susannah Drummond Moray, INSOL International at susannah@insol.ision.co.uk 

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Contact INSOL

If you would like to send an article for inclusion in one of our forthcoming issues please contact our Technical Officer, Louise Jennings at louise@insol.ision.co.uk

If you would like to introduce a new member to INSOL International please contact our Database Manager, Tony Ashton, at tony@insol.ision.co.uk

Electronic Newsletter Editorial Committee Members

 Stephen Briscoe (Chair)  FFP, British Virgin Islands
 Scott Abel  Fellow, INSOL International
 Buddle Findlay, New Zealand   
 Tara Cooper Burnside

 Fellow, INSOL International

 Higgs & Johnson, Bahamas

 Ian Dorey  K&L Gates, Australia 
 Matthew Goucke  Fellow, INSOL International
 Walkers, Cayman Islands
 Volker Kammel  Reed Smith, Germany 
 Sim Kwan Kiat  Rajah & Tann, Singapore 
 David Lawton  Bracewell LLP, USA  
 Fábio Rosas  Souza Cescon, Brazil  
 Andrew Thorp  Harneys, British Virgin Islands                                   
 Alison Timme  PwC, South Africa 
 Vincent Vroom  Fellow, INSOL International
 Loyens & Loeff, UK

This issue is kindly sponsored by...

Chartered Accountants • Licensed Insolvency Practitioners 

INSOL International Group of Thirty-Six

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 
Baker McKenzie
Brown Rudnick LLP
BTG Global Advisory  
Clayton Utz 
Cleary Gottlieb Steen & Hamilton LLP 
Clifford Chance LLP 
Conyers Dill & Pearman 
Davis Polk & Wardwell LLP 
De Brauw Blackstone Westbroek
Deloitte LLP 
DLA Piper 
Ferrier Hodgson 
Freshfields Bruckhaus Deringer LLP 
FTI Consulting
Goodmans LLP 
Grant Thornton 
Greenberg Traurig LLP 
Hogan Lovells 
Huron Consulting Group 
Jones Day 
King & Wood Mallesons 
Kirkland & Ellis LLP 
Linklaters LLP  
Morgan, Lewis & Bockius LLP 
Norton Rose Fulbright 
Pepper Hamilton LLP 
Pinheiro Neto Advogados
PPB Advisory 
Rajah & Tann Asia 
Shearman & Sterling LLP
Skadden, Arps, Slate, Meagher & Flom LLP 
South Square 
Weil, Gotshal & Manges LLP 
White & Case LLP  

INSOL International Member Associations

American Bankruptcy Institute  
Asociación Argentina de Estudios Sobre la Insolvencia  
Asociacion Uruguaya de Asesores en Insolvencia y Reestructuraciones Empresariales  
Association of Business Recovery Professionals - R3  
Association of Restructuring and Insolvency Experts  
Australian Restructuring, Insolvency and Turnaround Association  
Bankruptcy Law and Restructuring Research Centre, China University of Politics and Law 
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)  
Commercial Law League of America (Bankruptcy and Insolvency Section)  
Especialistas de Concursos Mercantiles de Mexico  
Finnish Insolvency Law Association  
Ghana Association of Restructuring and Insolvency Advisors  
Hong Kong Institute of Certified Public Accountants (Restructuring and Insolvency Faculty)  
INSOL Europe  
INSOL India  
INSOLAD - Vereniging Insolventierecht Advocaten 
Insolvency Practitioners Association of Malaysia  
Insolvency Practitioners Association of Singapore  
Instituto Brasileiro de Estudos de Recuperação de Empresas  
Instituto Brasileiro de Gestão e Turnaround  
Instituto Iberoamericano de Derecho Concursal  
Instituto Iberoamericano de Derecho Concursal Colombia

International Association of Insurance Receivers  
International Women’s Insolvency and Restructuring Confederation  
Japanese Federation of Insolvency Professionals 
Korean Restructuring and Insolvency Practitioners Association   
Law Council of Australia (Business Law Section)  
Malaysian Institute of Certified Public Accountants  
National Association of Federal Equity Receivers  
Nepalese Insolvency Practitioners Association  
NIVD – Neue Insolvenzverwaltervereinigung Deutschlands e.V.  
  Recovery and Insolvency Specialists Association (BVI) Ltd  
 Recovery and Insolvency Specialists Association (Cayman) Ltd 
Restructuring and Insolvency Specialists Association of Bahamas

Restructuring and Insolvency Specialists Association of Bermuda 
REFOR–CGE, Register of Insolvency Practitioners within "Consejo General de Economistas, CGE"  
Restructuring Insolvency & Turnaround Association of New Zealand  
Russian Union of Self-Regulated Organizations of Arbitration Managers  
Society of Insolvency Practitioners of India  
South African Restructuring and Insolvency Practitioners Association   
Turnaround Management Association do Brasil
Turnaround Management Association (INSOL Special Interest Group)

INSOL International

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