International Insolvency Institute

International Insolvency Institute
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  • Updated Weekly

A podcast featuring the latest news and commentary on cross-border insolvency by members of the International Insolvency Institute. The views and opinions expressed are those of the speakers and do not necessarily reflect the official policy of the International Insolvency Institute.

  1. Jul 8

    Ideas in Print Series: Lydia Tsioli's Book

    This episode, part of a new sub-series ofpodcasts focused on recent publications by our members, features an interviewwith Dr.Lydia Tsioli on her book, Viabilityin Corporate Debt Restructuring Law (Edward Elgar Publishing, 2025). This book presents the first holistic and comprehensive analysis of corporate debt restructuring law through the lens of viability. In the accompanying podcast, Lydia explores how the concept of viability can—and should—serve as a guiding principle in corporate debt restructuring law. Her analysis addresses a gap, namely that viability has been a largely unexplored notion in European and English scholarship, while in the US there has not yet been any systematic examination of the Chapter 11 provisions through the lens of viability. In light of this, Lydia examines US and UK frameworks, as well as the European Directive on restructuring and insolvency, to uncover, critically evaluate and make proposals on how they should optimally reflect viability on their provisions. Her proposals can inform both the forthcoming review of the European Directive in 2026 and the ongoing development of American and English restructuring law. The book provides a clear definition ofviability by distinguishing between financial viability and economic viability and establishes its role within the corporate debt restructuring architecture. Itconsiders practical ways in which viability should be embedded in a legal framework, explaining why it matters for legal design, and how the intensity of viability assessment varies across the different stages of a restructuring.Furthermore, it analyses the role of the parties involved in a restructuring process, including the role of the courts. The podcast is introduced by NextGen’s co-chair,Olya Antle of Cooley, and moderated by Dr. EugenioVaccari (Royal Holloway, University of London). It was recorded in December 2025, with information accurate at the time of recording.

  2. Jun 24

    Ideas in Print: Dr. Eugenio Vaccari and Prof. Laura N. Coordes

    This episode, part of a new sub-series of podcasts focused on recent publications by our members, features an interview with Prof. Laura N. Coordes (Arizona State University) and Dr. Eugenio Vaccari (Royal Holloway, University of London) on their latest book, Municipalities in Financial Distress: An Environmental, Social and Governance Critique (Edward Elgar Publishing, 2025). The book is available open access, and it has been jointly written with Prof. Yseult Marique (University of Essex) and Prof. Geo Quinot (Stellenbosch University). The book looks at municipal distress in the USA, UK and South Africa, and argues that long-term recovery and sustainability for municipalities in financial distress requires a modularly tailored decision-making process, incorporating environmental, social, and governance (ESG) considerations. In the podcast, the authors explain that municipalities face unique challenges compared to corporations: they cannot liquidate, must continue providing essential services, and their failure undermines local democracy. Financial distress disproportionately affects vulnerable citizens, making social consequences immediate and severe. The discussion highlights why ESG principles are crucial for municipalities. Unlike corporations, councils manage planning, waste, and social care, making environmental and social resilience a public good. Governance failures—such as those seen in Croydon and Birmingham—underscore the need for stronger accountability and transparency. The episode compares the US and UK frameworks. The US has Chapter 9, a formal insolvency procedure allowing debt adjustment, but municipal bankruptcies remain rare due to political reluctance and strict eligibility rules. Detroit’s case illustrates both the potential and limitations of Chapter 9, showing the importance of negotiated solutions and public service obligations. In contrast, the UK relies on Section 114 notices, a late-stage, punitive regime that freezes spending and undermines local democracy without offering restructuring options. Both systems are criticised for being reactive and financially focused, rather than preventive and sustainability-oriented. The authors call for reforms: early-warning mechanisms, court-supervised restructuring, embedding ESG principles in turnaround plans, and strengthening governance and audit frameworks. They stress that local authorities are critical social infrastructure, and failure is not merely financial but societal. The podcast is introduced by NextGen’s co-chair, Gemma Bellfield of Ogier, and moderated by ⁠Francesca Burigo of Università eCampus. It was recorded in December 2025, with information accurate at the time of recording.

  3. Jun 10

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

    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.

  4. May 27

    Case Study Sapura

    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.

  5. May 13

    Case Study Samarco

    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.

  6. Apr 29

    Case Study Chinese Property Market (Evergrande)

    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.

  7. Apr 15

    Case Study Fossil

    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.

  8. Apr 1

    Case Study Protopapaps

    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.

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About

A podcast featuring the latest news and commentary on cross-border insolvency by members of the International Insolvency Institute. The views and opinions expressed are those of the speakers and do not necessarily reflect the official policy of the International Insolvency Institute.

Information

  • Creator
    International Insolvency Institute
  • Years Active
    2022 - 2026
  • Episodes
    66
  • Rating
    Clean
  • Copyright
    © International Insolvency Institute
  • Show Website
    International Insolvency Institute

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