International Insolvency Institute

Idea's in Print: Ilya Kokorin's Book Intro-Group Financing and Enterprise Group Insolvency 10.06.2026 29min

This episode, the first one of a new sub-series of podcasts focused on recent publications by our members, features an interview with Dr. Ilya Kokorin (Dutch Authority for the Financial Markets) on his latest book, Intra-Group Financing and Enterprise Group Insolvency (Edward Elgar Publishing, 2025).Ilya’s book explores common intra-group financial transactions—such as intra-group loans and cross-guarantees—and their treatment in the insolvency and restructuring of multinational enterprise groups. During the podcast, Ilya explains that while individual companies within a group have separate legal personalities, the group as a whole does not, even when it is highly financially or operationally integrated (as in the case of Lehman Brothers, among others). He argues that insolvency frameworks should recognise the integrated nature of corporate groups to prevent value loss. In other words, insolvency laws need to overcome their current “entity bias” to truly maximise value. The podcast also addresses the importance and controversy surrounding third-party releases, as well as the critical role of cooperation and communication in group insolvencies. Finally, it highlights pragmatic and innovative solutions that practitioners may consider when dealing with complex group insolvency scenarios.

Case Study Sapura 27.05.2026 23min

This episode features a conversation with Jo Tay. Jo is Partner at Allen & Gledhill in Singapore as well as a III NextGen member. Jo specialises in cross-border restructuring and insolvency.This episode offers an in‑depth exploration of the complex interaction between arbitration and insolvency, using the Sapura Fabrication case as a central point of reference. In that matter, the Singapore courts considered whether arbitration claims could proceed despite moratoriums imposed during ongoing cross‑border restructuring procedures, ultimately highlighting the delicate balance between respecting arbitration agreements and preserving the integrity of insolvency regimes. The discussion reflects how the Sapura litigation has contributed to the wider debate on when courts should permit carve‑outs from moratoriums and the broader implications this has for both creditors and debtor companies engaged in restructuring efforts.The episode also examines the recently introduced Restructuring and Insolvency Arbitration (RIA) Protocol, launched by the Singapore International Arbitration Centre (SIAC) in 2025. Designed specifically for disputes arising in restructuring, debt adjustment, or insolvency contexts, the Protocol aims to streamline arbitral procedures by shortening timelines and adapting standard SIAC Rules to the unique pressures of insolvency situations, where speed and efficiency may be crucial to preserving value. The conversation considers how this innovative framework may influence future practice, particularly in cases where arbitration and insolvency objectives intersect or potentially conflict.

Case Study Samarco 13.05.2026 42min

This episode features a conversation with Sabrina Becue, a post-doctoral researcher at the University of São Paulo, and Eugenio Vaccari, Associate Professor at Royal Holloway, University of London. Both Sabrina and Eugenio are III NextGen members.The podcast explores the complex cross-border legal fallout of the Samarco dam collapse, bringing together Brazilian and UK perspectives on one of the most significant environmental and insolvency cases of the past decade. Our guests discuss how Brazil’s innovative yet controversial response—including the creation of Fundação Renova and the separation of environmental liabilities from Samarco’s judicial reorganisation—reshaped the role of insolvency law in mass-damage events. We also examine the parallel litigation in England, where more than 600,000 claimants pursued BHP’s parent companies, raising questions of jurisdiction, applicable law and parent-company liability. Through this conversation, the podcast highlights the interaction between environmental obligations, corporate governance, restructuring frameworks and access to justice across borders.The podcast is introduced by NextGen’s co-chair, Olya Antle of Cooley, and moderated by Francesca Burigo, Professor of Business Law at University eCampus in Italy. It was recorded in early February 2026, with information accurate at the time of recording.

Case Study Chinese Property Market (Evergrande) 29.04.2026 33min

This episode features a conversation with Alex Huang, a legal scholar and Global Academic Fellow at the Faculty of Law, the University of Hong Kong, and the winner of the Gold Medal for the III Prize in International Insolvency Studies in 2025.The Evergrande case illustrates the dynamics of the Chinese property market bubble, in which residential property came to be treated primarily as an investment asset, with many purchasers paying for homes before construction had even begun. This speculative confidence in ever rising housing prices collapsed in the mid2010s, exposing the vulnerabilities of highly leveraged developers such as Evergrande. While the parent company and its offshore subsidiaries have entered liquidation, the group’s property management arm remains outside insolvency proceedings. The podcast examines the effectiveness of early court orders made against Evergrande’s former chairperson and founder, and explains the absence of any consolidation of proceedings within mainland China, noting in particular why recognition of foreign insolvency processes would be inappropriate in this context. A central concern for both the Chinese government and local authorities is ensuring the completion of presold homes, and although the sector remains under pressure, there are signs of gradual stabilisation within the wider property market.-rising housing prices collapsed in the mid-2010s, exposing the vulnerabilities of highly leveraged developers such as Evergrande. While the parent company and its offshore subsidiaries have entered liquidation, the group’s property management arm remains outside insolvency proceedings. The podcast examines the effectiveness of early court orders made against Evergrande’s former chairperson and founder, and explains the absence of any consolidation of proceedings within mainland China, noting in particular why recognition of foreign insolvency processes would be inappropriate in this context. A central concern for both the Chinese government and local authorities is ensuring the completion of pre-sold homes, and although the sector remains under pressure, there are signs of gradual stabilisation within the wider property market.The podcast is introduced by NextGen’s co-chair, Gemma Bellfield of Ogier, and moderated by Dr. Eugenio Vaccari of Royal Holloway, University of London. It was recorded in early February 2026, with information accurate at the time of recording.

Case Study Fossil 15.04.2026 48min

This episode features a conversation with Andrew Kissner and Kat Burke. Andrew is of counsel at Morrison Foerster, as well as a III NextGen member. He has represented debtors, ad hoc groups, official committees, and individual investors in large chapter 11 and chapter 15 filings. Kat recently set up her own law firm, Burke Legal. A III member, she is a Dublin-based cross-border restructuring and insolvency specialist qualified to provide strategic business rescue and enforcement advice across Ireland, England and Wales, the United States and the BVI, and currently serves as Chair of the CERIL delegation to UNCITRAL Working Group V.This episode unpacks the Fossil restructuring plan and its significance for cross‑border insolvency practice. The conversation explores how the plan offers an alternative pathway for resolving collective action problems, especially in light of U.S. constraints such as the absolute priority rule and the post‑Purdue uncertainty surrounding third‑party releases that has driven companies like Fossil to consider English restructuring plans. The speakers discuss the English courts’ approach to the “sufficient connection” test and examine renewed U.S. debate over introducing a new Chapter 16 procedure—a proposal aimed at creating a streamlined mechanism for bond restructurings, addressing limitations of the Trust Indenture Act, and potentially offering companies a more efficient alternative to Chapter 11 in cases like Fossil’s. The episode concludes with insights into how U.S. courts interpret the public‑policy exception when reviewing foreign restructuring outcomes, adding further nuance to the strategic forum choices companies now face. The podcast is introduced by NextGen’s co-chair, Olya Antle of Cooley, and moderated by Dr. Eugenio Vaccari of Royal Holloway, University of London. It was recorded in mid February 2026, with information accurate at the time of recording.

Case Study Protopapaps 01.04.2026 34min

This episode features a conversation with Martha Wyrick, counsel in the Restructuring Practice Group in the Dallas office of Haynes Boone, and Eugenio Vaccari, Associate Professor at Royal Holloway, University of London. Both Martha and Eugenio are III NextGen members. The podcast examines the Protopapas litigation through both US and English lenses, exploring how cross‑border mass‑tort disputes challenge long‑standing principles of corporate separateness and jurisdiction. Our guests discuss the expanding use of South Carolina receiverships as a mechanism to pursue claims against foreign parent companies, the resulting jurisdictional tensions, and the broader implications for multinational groups facing legacy asbestos liabilities. From the United States’ more flexible approaches to enterprise and alter‑ego theories to the English courts’ strict adherence to Salomon and Adams v Cape, the conversation highlights how these contrasting legal frameworks shape parent‑company exposure, comity concerns, and the limits of using insolvency or procedural tools to manage complex global tort risks.The podcast is introduced by NextGen’s co-chair, Gemma Bellfield of Ogier, and moderated by Francesca Burigo, Professor of Business Law at University eCampus in Italy. It was recorded in early February 2026, with information accurate at the time of recording.

MSE Insolvencies in Chile 18.03.2026 18min

This episode features a conversation with Roberto Villaseca, III NextGen Member, Partner of Carey LL.P. and Civil Law professor at Pontificia Universidad Católica de Chile.In this episode, Roberto offers a detailed and candid analysis of Chile’s 2023 MSME insolvency reform, emphasising that while the new simplified reorganisation and liquidation procedures reduce costs and accelerate timelines, they have not yet shifted the deeper structural barriers that keep small businesses from using restructuring tools effectively. He explains that the elimination of audits, mandatory creditors’ meetings and certain liquidation steps, along with digital‑first processes and a roster of lower‑cost Veedores, has created a more accessible procedural framework, yet uptake for reorganisation remains strikingly low due to the continued absence of workable financing options and the dominance of banks in Chile’s credit market. Roberto discusses the limited scope of discharge, the challenges posed by regulatory gaps, the judiciary’s emerging reluctance to accept asset‑poor cases, and tensions around excluded debts such as state‑guaranteed student loans. Reflecting on lessons for other jurisdictions, Roberto stresses that procedural streamlining alone cannot transform outcomes: policymakers must address the economic realities confronting small businesses by ensuring access to financing and covering unavoidable administrative expenses. As he succinctly puts it, “regimes for struggling entrepreneurs must change the market dynamics — it’s not simply about procedures”.The podcast is introduced by NextGen’s co-chair, Olya Antle of Cooley, and moderated by ⁠Dr. Eugenio Vaccari⁠ of Royal Holloway, University of London. It was recorded in early March 2026, with information accurate at the time of recording.

MSE Insolvencies in Singapore 04.03.2026 41min

This episode features a conversation with Daniel Liu, III Member and Partner in the Restructuring & Insolvency and Special Situations Advisory Practices of Wong Partnership. Singapore’s simplified insolvency programme for micro and small enterprises (MSEs), introduced in the wake of the COVID‑19 pandemic, aims to facilitate the restructuring of liabilities and business operations through a cost‑effective and streamlined process. Court involvement is intentionally minimal, with insolvency practitioners expected to work for very modest fees, and the procedure focuses on negotiations with a specific group of creditors—mainly suppliers and financial institutions, with tax authorities rarely part of these discussions. In practice, the process often leads to schemes of arrangement or operational turnarounds that provide additional time for debt repayment, although banks have generally been reluctant to cooperate. The regime also presents practical challenges where businesses are owned by foreign entrepreneurs with limited English proficiency, as language barriers can hinder engagement with the process. Since its introduction, the rules have been amended several times, and further reforms are anticipated, including a likely increase to the eligibility thresholds for companies seeking to participate.The podcast is introduced by NextGen’s co-chair, Gemma Bellfield of Ogier, and moderated by Dr. Eugenio Vaccari of Royal Holloway, University of London. It was recorded in early February 2026, with information accurate at the time of recording.

MSE Insolvencies in Japan 02.02.2026 18min

This episode features a conversation with Kotaro Fuji, Partnerat Nishimura & Asahi in Tokyo, on the Japanese law and practice around the restructuring of SMEs. Japan’s approach to SME restructuring differs from other jurisdictions that have created SME-specific statutory restructuring regimes. Japan does not have an SME-specific insolvency or restructuring statute. Instead, what Japan has is legally non-binding guidelines and procedural practices standardized for SME restructuring. During the podcast, Kotaro describesthe operation of the SME Revitalization Councils, as well as the introduction of the SME Turnaround Guidelines (2022) and the treatment of new finance and personal guarantees in these proceedings. The podcast concludes with an assessment of the recently enacted and soon-to-be-implemented Early-Stage Business Restructuring Act.The podcast is introduced by NextGen’s co-chair, Olya Antle of Cooley LLP, and moderated by Dr. Eugenio Vaccari of Royal Holloway, University of London. It was recorded in early December 2025, with information accurate at the time of recording.

MSE Insolvencies in Australia 22.12.2025 24min

This episode features a conversation with Harry Lawless, a III NextGen member and Senior Associate at Norton Rose Fulbright Australia. The discussion explores the distinctive features of the Australian corporate framework for MSEs in financial distress. Harry explains the eligibility requirements, examines the advantages and limitations of the short moratorium regime and the types of creditors to which it applies, and outlines why the legislator adopted a debtor-in-possession (DIP) model despite Australia’s traditional preference for a practitioner-in-possession (PIP) approach. He also discusses the supervisory role of the restructuring advisor, who must be a qualified insolvency practitioner. The episode concludes with reflections on the framework’s success rate—initially slow but increasing markedly since 2023—and on the continuing need for reform.

MSE Insolvencies in Spain 08.12.2025 26min

This episode features a conversation with José Carles, a III member, a Spanish lawyer, chartered economist, and court-appointed insolvency practitioner, as well as co-founder of the legal boutique CARLES | CUESTA, on the recent reforms to the Spanish’s insolvency framework for MSEs. The discussion highlights the peculiarities of the Spanish corporate framework, and the innovations introduced by the new law. During the conversation, José highlights the controversies surrounding the introduction of the new system, and particularly the lack of any involvement from insolvency practitioners. He also discusses the difficulties in using the new digital platform created for MSE insolvencies, but also mentions some of the benefits associated with the Spanish simplified liquidation and restructuring framework.

MSE Regime in India 26.11.2025 36min

This episode features a conversation with Ishana Tripathi, a III NextGen member affiliated with SAM & Co., where she is Director of Research & Innovation, and Adjunct Professor at both NALSAR University of Law and Jindal Global Law School in India, on the recent reforms to Indian’s insolvency law. The discussion highlights the peculiarities of the Indian corporate and insolvency regime. During the conversation, Ishana highlights the role that pre-packaged reorganisations play in ensuring the success of MSE reorganisation. Reference is also made to the challenges raised by the COVID-19 pandemic, the difficulties arising from the implementation of the Indian Bankruptcy Code, as well as the areas (such as individual bankruptcy) where further reforms are desirable. The interview also highlights the drive towards digitalisation of the Indian insolvency framework, and the peculiarities of the Indian lending market, especially for MSEs.

MSE Regime in Myanmar 12.11.2025 22min

This episode features a conversation with Lee Jun Yee, Partner at Allen & Gledhill in Myanmar, on the recent reforms to Myanmar’s insolvency law. The discussion highlights the enhanced role of mediators and the adoption of the UNCITRAL Model Law on Cross-Border Insolvency, before turning to the specific implications for micro and small enterprises (MSEs). The episode explores the options now available to both incorporated and unincorporated entities, the progress towards digitalisation, and the evolving role of courts and judges in supporting this transformation. Other key topics include the treatment of interim finance and the discharge process for individuals and companies. The conversation concludes with reflections on how the COVID-19 pandemic and the country’s recent political turmoil have delayed implementation, and what steps are necessary to ensure the effectiveness of the new framework.

MSE across Asia, Africa and North America 29.10.2025 28min

This episode features a conversation with Will Paterson, a III member as well as a Senior Financial Sector Specialist at the World Bank Group, where he advises client countries on insolvency and debt resolution frameworks. The discussion focuses on the need for rules that are simple—yet not merely simplified—to govern the liquidation and reorganisation of micro and small enterprises (MSEs) in financial distress. Drawing on his extensive experience at the World Bank, Will reflects on several key publications produced by the organisation in recent years, including the Principles for Effective Insolvency and Creditor/Debtor Regimes (2021), the Toolkit for Corporate Workouts (2022), and ViewPoint on Insolvency Reform for Credit, Entrepreneurship, and Growth. The conversation also touches on INSOL International’s latest technical report in this field (available on the INSOL International Technical Library), authored by Will himself, which examines how simplified insolvency regimes have been implemented in the OHADA region, the United States, and Singapore.

UNIDROIT Legislative Guide on Bank Insolvency 24.09.2025 31min

This episode explores the work of UNIDROTI, with a specific focus on the newly enacted Legislative Guide on Bank Liquidation. This podcast was jointly organised by III and INSOL Talks, an initiative by INSOL International. The podcast features the participation of Prof. Ignacio Tirado (UNIDROIT’s Secretary General, Professor at the Universidad Autónoma of Madrid, III Member) and Ms Myrte Thijssen (Senior Legal Officer, UNIDROIT). The podcast describes the reasons for, and the content of the UNIDROIT Legislative Guide on Bank Liquidation, which provides recommendations on how to deal with the failure of non-strategically important financial institutions. The podcast is moderated by Dr. Eugenio Vaccari of Royal Holloway, University of London (III NextGen) and Dr. Shuai Guo (III NextGen, INSOL ERA). The podcast was recorded on 26 May 2025, with information accurate at the time of recording.

III Podcast on UK Restructuring Plans 08.09.2025 42min

This episode features a discussion with Mandip Englund, III NextGen member and Partner and Head of the Restructuring and Insolvency Group at Travers Smith, and Professor Rebecca Parry of Nottingham Trent University. Together, they explore the development and growing use of restructuring plans in England and Wales, comparing them with other insolvency and restructuring tools such as schemes of arrangement, company voluntary arrangements (CVAs), and special administration regimes (SARs).The conversation tackles some of the most complex issues surrounding restructuring plans, including what qualifies as a “compromise or arrangement”—with particular reference to interim plans and the treatment of out-of-the-money creditors. It also addresses the evidential burden placed on debtors to demonstrate that a plan satisfies both the “no worse off” test and fairness requirements, as well as how benefits preserved or generated by the plan affect the treatment of out-of-the-money creditors.In addition, the episode examines potential debt restructuring options for Thames Water, dispels common misconceptions about SARs, and offers insights into how these regimes might be reformed to operate more effectively in future high-profile cases. The podcast is introduced by NextGen’s co-chair, Olya Antle of Cooley, and moderated by Dr. Eugenio Vaccari of Royal Holloway, University of London. It was recorded in early July 2025, with information accurate at the time of recording.

Financial Sustainability and Climate Change 28.07.2025 49min

This episode explores the topic of financial sustainability and climate change.Our speakers include Prof. Juanitta Calitz, who is Professor at the University of Johannesburg and a III member; Mr Harry Lawless, who worked as a financial sector specialist at the World Bank on a report on the interaction between insolvency and climate change; and Dr Eugenio Vaccari, Senior Lecturer at Royal Holloway, University of London as well as a III NextGen Executive Committee Member.The podcast discussed the intersection between financial sustainability, climate change and insolvency regimes from the perspective of both developed and developing markets. It delved into topics including green finance and how insolvency law can play a role in resolving climate change. Part of the session was also dedicated to the analysis of municipal bankruptcies, and how ESG principals could promote the long-term resilience of financially distressed local entities. The podcast is introduced by NextGen’s former Chairperson, Adam Crane of Baker & Partners in the Cayman Islands, and moderated by Dr. Francesca Burigo of the Università eCampus in Italy, as well as a member of the III NextGen Executive Committee. It was recorded in early February 2025, with information accurate at the time of recording.

Consensual Restructuring Procedures in Europe 07.07.2025 51min

In this episode of the International Insolvency Institute’s Global Perspectives podcast, we delve into consensual restructuring procedures in Europe. This podcast features insights from Prof. Annika Wolf (University of Applied Sciences in Emden/Leer), David Ehmke (lawyer, Germany) and Frederic Verhoeven (Hauthoff, the Netherlands). The discussion highlighted the key differences between consensual and more formal restructuring and insolvency procedures. It explored the advantages of consensual restructuring, such as speed, flexibility, confidentiality, value preservation, and the retention of control by the affected parties. However, it also addressed the challenges, particularly in cross-border cases, where differing legal frameworks, cultural variations, and enforcement complexities can make formal mechanisms like WHOA and StaRUG more appealing. Ultimately, the podcast provides a comprehensive analysis of why, in many cases, a bad settlement is preferable to a good judgment. NextGen’s Chairperson, Adam Crane (Baker & Partners in the Cayman Islands), introduces the podcast, which is moderated by Dr. Eugenio Vaccari (Royal Holloway, University of London). The podcast was recorded in early October 2024, with information correct at the time of recording.

Insolvency Practitioners in Cross-border Insolvency Procedures 09.06.2025 32min

We are excited to announce the release of a new episode of Global Perspectives, the International Insolvency Institute’s podcast series. This episode explores the evolving role and practice of insolvency practitioners (IPs), with a particular focus on their involvement in cross-border disputes. Dr. Elizabeth Streten, Lecturer at Queensland University of Technology and author of a recent publication in the field; and Andrea Harris, Partner at Grant Thornton, INSOL International Vice-President, and III Member; discuss the challenges and responsibilities faced by IPs. The conversation highlights how insolvency practitioners must balance complex legal and ethical obligations while fulfilling public functions in private roles. They examine the need for regulatory clarity at both domestic and international levels, including entry requirements, professional objectives, and interpretations of the IP role. The episode also addresses common misconceptions about insolvency practitioners, particularly the tendency to view them merely as "funeral directors" rather than facilitators of business rescue and asset recovery. It explores their vital function as communicators and educators, bridging the gap between stakeholders. The discussion further considers how accountants acting as insolvency practitioners contribute to financial investigations, including fund tracing, and how artificial intelligence may enhance their capabilities in the future. At the same time, the conversation acknowledges the limits of IPs’ expertise, particularly in highly specialized areas such as cryptocurrency and satellite technology. The podcast is introduced by NextGen’s Chairperson, Adam Crane of Baker &Partners in the Cayman Islands, and moderated by Dr. Eugenio Vaccari of Royal Holloway, University of London. It was recorded in early February 2025, with information accurate at the time of recording.

Judiciary and Insolvency 12.05.2025 30min

In this episode of the International Insolvency Institute’s Global Perspectives podcast, we were joined by leading international insolvency judges including Hon. Elizabeth Stong, Judge of the United States Bankruptcy Court for the Eastern District of New York; Hon. Aidan Xu, Judge of the High Court of Singapore; and Hon. Kazimbe Chenda, Judge of the High Court, Commercial Division in Zambia. The central theme of the podcast is the roleof the judiciary in promoting good restructuring practices and cross-border collaboration in insolvency proceedings.During the podcast, the esteemed judges explore the role of the judiciary in promoting cross-border insolvency cooperation, and what more can be done to enhance the judiciary’s capacity to handle complex cross-border insolvency cases. The podcast also features a list of lessons learned from the handling of complex cases, not necessarily large ones, and an interesting reference to a bakery in Brooklyn, New York.The podcast is introduced by NextGen Program Chairperson, ⁠Adam Crane⁠ (Baker & Partners in the Cayman Islands) and moderated by Dr Eugenio Vaccari (Royal Holloway, University of London). The podcast was recorded on 15 January 2025, with information correct at the time of recording.