Congress Main Technical Programme

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1 Congress Main Technical Programme Sunday 19 May pm 8.00pm Delegate Registration Ground Floor, World Forum 6.30pm 7.00pm New Members Reception Amazon Foyer, World Forum 7.00pm 10.00pm Welcome Reception & Dinner Sponsored by BDO LLP Atlantic Room, Lower Ground Floor, World Forum For delegates and registered accompanying persons Monday 20 May am 4.00pm Delegate Registration Ground Floor, World Forum 8.00am 8.45am Continental Breakfast Sponsored by South Square 8.45am 9.00am Congress welcome & opening remarks World Forum Theatre 9.00am 9.45am Keynote Speech 10.00am 11.00am A1 Recent developments in sovereign borrowing and liability management This session will focus on recent developments in sovereign debt restructuring and liability management. Topics will include a candid assessment of efforts to manage the European sovereign debt crisis and avoid contagion; the 2012 Greek debt restructuring; the role of the European Central Bank, other European institutions and the IMF; the role of creditor committees; differences in treatment between debt held by the official sector and debt held by private sector institutions; the impact of credit default swaps; evolving legal techniques, such as aggregated collective action clauses, co-financing and constitutional and legislative measures designed to enshrine priority of debt service payments over other government expenditures; the importance of the choice of governing law; treatment of free riders; and a discussion of contingent liabilities and debt issued by governmental entities other than the sovereign. A2 Cross-border approaches to the valuation of distressed enterprises Valuations of distressed enterprises have become an indispensable part of distressed M & A transactions and corporate reorganisations. They determine the prices investors are prepared to pay for distressed enterprises and the strategies adopted by stakeholders in restructuring negotiations. Developments in the capital markets resulting in corporate debt structures of increasing complexity as well as legislative developments augment the need for appraisals and create new areas of application for valuations. Following introductory remarks, the speakers in this session will identify and discuss existing and new uses and directions of distressed enterprise valuations in various jurisdictions. A3 Real issues for smaller practices? In the light of an extended economic crisis how are smaller practices faring and what can they do to fit themselves for the challenges, and for change and survival. The speakers will address some of the issues facing smaller practices, including issues surrounding: regulation; marketing; business management and forward planning; competing in the cross-border world and how to obtain access to the resources/expertise that smaller practices need. 9 Panellists will comment on each area and delegates will be encouraged to participate from a wider geographic experience to maximise the benefit to all attendees.

2 11.00am 11.15am 11.15am 11.45am 11.45am 12.45pm Networking Coffee Break, B1 Current hot topic at a glance This session will be reserved for a discussion on a current topical issue in the world of corporate reorganisation. B2 Islamic finance in a restructuring and insolvency context The speakers in this session will discuss the increasing importance of Islamic finance in the market; what are the main documentary and legal issues arising in relation to structuring Islamic finance deals? What are the key issues arising in restructuring Islamic finance facilities and in the context of establishing claims within a formal insolvency process? There will be time for the speakers to talk about some practical experiences they have had and hear from delegates too. B3 Harmonisation of insolvency laws: The elephant in the room Is harmonisation of insolvency laws a fata morgana or simply a matter of time? An absolute necessity or food for thought for daydreamers? During a lively panel session with speakers from a broad range of backgrounds, the discussion will centre around the problems caused by the differences in insolvency laws when dealing with cross-border restructurings and insolvencies. Topics to be dealt with include employees priorities, different treatment of secured creditors and inter-court communication, as well as the latest developments in the harmonisation process, both at a European and global level pm 1.00pm 1.00pm 2.15pm Networking Lunch, Pacific Room Sponsored by hww wienberg wilhelm 2.15pm 3.15pm C1 Social networks understanding, controlling and using them in a live case environment Linkedin, Twitter, Facebook: they may be the core of your children s lives, but they can have a real impact in a live restructuring or insolvency scenario. Love them or loath them, insolvency practitioners can no longer ignore them. The session will explain how social networks operate, how they can influence not just communications on a case, but strategy as well. We will examine how to control social networks and ultimately use them to send messages to stakeholder constituencies and mould public opinion in high profile cases. Crucially it will look at the use of social networks for internal communications as well as with external parties. The session will use examples from recent cases where social media has been a factor and will seek to illustrate the issues through live and interactive use of the various social networks. C2 In the spotlight: Cases and developments that matter now This session will highlight recent cases and legislative developments around the globe that impact cross-border restructuring, including cutting edge ideas that could be useful in other countries. Precise topics will be refined just prior to the session to reflect the latest thinking and trends. 10

3 3.15pm 3.30pm C3 In out, shake it all about Let s do the Hokey Pokey In the last 10 years the use of pre-pack or pre-arranged insolvency filings had become common place in many but not all jurisdictions. As the famous song Hokey Pokey (known as Hokey Cokey in the UK) suggests there are benefits of being in and out of a procedure quickly but does the practice need a shake out and does it really help you turn around. This session will compare and contrast the different practices that have emerged around the globe to assess the benefits, risks and pitfalls. Various legislators have considered the procedure recently and we will consider whether a fundamental re think is required in certain jurisdictions. We will also consider the position of the directors and practitioners in planning and implementing the transaction and consider whether there needs to be more or less court intervention to make sure there is a fair deal for creditors. That s what it s all about! 3.30pm 4.00pm Networking Coffee Break, 4.00pm 5.00pm Criminal elements of restructuring; exploring the risk of criminal prosecution posed by restructuring Currently, Europe is faced with a wall of debt that needs to be refinanced within the next 24 months. Given the current economic climate, this is likely to result in a spate of corporate restructurings in Europe and beyond. In many jurisdictions such restructurings pose significant risks to directors and, in some cases, lenders, in those jurisdictions where criminal sanctions are imposed upon directors for insolvent trading. In addition, some jurisdictions impose criminal sanctions on fraudulent transfers or fraudulent preference claims. This plenary session will explore the challenges insolvency professionals face across a number of jurisdictions when restructuring a company given the threat of criminal prosecution and will consider whether the relevant laws need to be adjusted to accommodate restructuring. 5.00pm 5.15pm 5.15pm 5.20pm Close Free Evening 7.00pm 10.00pm Smaller Practice Issues Dinner For the cost of the Smaller Practice Issues Dinner please see page 15. Tuesday 21 May am 8.45am Continental Breakfast Sponsored by DLA Piper LLP (US) 8.45am 9.00am Welcome back 9.00am 10.00am How the Financial Crisis Came About and What Needs to be Done Now Plenary session 10.00am 10.15am 10.15am 10.45am Networking Coffee Break, 11

4 10.45am 11.45am D1 A tale of two futures trends and predictions in China and Africa China and Africa are two engines of massive potential growth, one in overdrive and the other scarcely out of first gear. Both have legal systems and insolvency laws which currently struggle to cope. The two are linked by China s voracious appetite for the resources that Africa has on offer. This session will look at the development of these regions and the part which restructuring and insolvency regimes will play in their future. The session will be based on interviews and discussions with experts who have extensive knowledge of the relevant financial markets. They will discuss the relevant restructuring/insolvency laws and practices and whether/when these are likely to improve to the point of reliability. They will also look at how financially distressed situations are dealt with at present and what can be achieved with the right skills and approach. With the world looking to (in the short term) China and (in the longer term) Africa to lift the world economy, the time is right to explore the contribution which restructuring and insolvency practitioners will ultimately be able to make to their progress. D2 Priorities in future insolvency claims and other liabilities pensions/environmental etc In most insolvency jurisdictions priorities are given in favour of certain creditor and stakeholder groups such as employee claims, pension funds, DIP funding, environmental levies, government charges, trading expenses and practitioner fees. The priorities are awarded under various circumstances including by Statute, Court application and by Stakeholder approval. They can arise at various times during the insolvency and restructuring process. Further complexity to the recognition and ranking of priorities occurs when multiple insolvency appointments are made to cross-border enterprises. This session will explore the issue of priorities by reference to jurisdictional issues, precedents and case studies, with an emphasis on cross-border considerations. D3 Too big to fail Can global financial Institutions be resolved without systemic disruption or taxpayer losses? Since the recent financial crisis, governments have been focused on the too big to fail problem and reducing the systemic risks associated with the failure of global financial institutions. GSIFIs are now required to submit and regularly update resolution plans, and home and host country regulators are exploring ways to coordinate their actions when the failure of a global financial firm occurs. The panel will explore how GSIFIs can be resolved in a manner that mitigates systemic risk, including techniques like bail-in, recapitalization and creating bridge financial firms, as well as the progress of law reform efforts to reduce the impediments to orderly resolution of these systemically critical firms am 12.00pm 12.00pm 12.15pm 12.15pm 1.15pm Delegates return to plenary room Judicial roundtable This session will be an interview of a panel of experienced and eminent judges from common and civil law systems on a range of practical questions that practitioners would like to hear about. Some of the questions to be raised are: How does one become a judge in their respective country? What do you do when you don t know the answer? Is it acceptable for a judge to discuss with another judge about a case that both are involved during a conference or other forum? Should judges exert influence on the legislation? What options do they have so far in their respective country? Are there under the applicable law in each country statutory provisions concerning the recognition of foreign proceedings? Who can apply for recognition? 1.15pm 1.30pm 1.30pm Free afternoon 1.30pm 3.00pm Younger Members Lunch 12

5 Wednesday 22 May am 9.00am Continental Breakfast 9.00am 9.15am Welcome back World Forum Theatre The programme for Day 3 brings innovation and a number of novel features to the INSOL Technical Programme. The canvas will be a case study setting out some complex issues on how and where to restructure a global business, in particular one which has bits that need to live and bits that need to die but the picture will be painted through an innovative use of film to develop a case study and an extremely interactive programme where the delegates themselves will be asked to provide answers to certain questions over lunchtime. The day will be interspersed with two very focused panel debates, which will tease out, develop and answer questions set by the film case study and also set the scene for the discussion the delegates will be asked to have at lunchtime. There will be a final sting in the tail but you will have to stay to the end to see that! 9.15am 10.30am A tale of two businesses one good. one bad. Sponsored by Alvarez & Marsal and Skadden, Arps, Slate, Meagher & Flom LLP 10.30am 11.00am 11.00am 12.00pm 12.00pm 12.15pm 12.15pm 12.30pm 12.30pm 1.30pm Networking Coffee Break, Corporate governance and trading in insolvency issues Introduction to lunchtime working groups Delegates to go to lunch room Networking Lunch & Group discussion Pacific Room Sponsored by Company Watch 1.30pm 2.15pm Working groups discussion Pacific Room 2.15pm 2.45pm Networking Coffee Break, 2.45pm 3.15pm Case Study wrap up 3.15pm 4.15pm Looking to the future 4.15pm 4.45pm Close of Congress 7.00pm 11.00pm Gala Dinner Steigenberger Kurhaus Hotel Sponsored by AlixPartners LLP 6.45pm 10.30pm Coaches will depart from the Bel Air and Novotel Hotel Coaches will return from the Steigenberger Kurhaus Hotel to the Bel Air and Novotel hotels. For delegates and registered accompanying persons. The Technical Programme may be subject to change. 13

International Fiscal Association, Tax Academy of Singapore

International Fiscal Association, Tax Academy of Singapore Asia Pacific Regional Tax Singapore Page 1 of 6 Day 1 l Morning Session 8.00 am 8.45 am Registration 8.45 am 9.10 am Opening: Minister 9.10 am