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October 19 & 20, 2017

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ACIC Private Notes                      December 2017
Season's greetings, and welcome to the December 2017 edition of the ACIC Private Notes! We would like to extend a sincere "Thank you" to all of the authors who have contributed to the newsletter this past year. A reminder that if you have any ideas for written contributions, they are always welcome! Please let us know what you have in mind.

This final 2017 edition covers international legal developments from Canada (courtesy of Danielle Maksimow and Craig Hickey of Norton Rose) and Europe (authored by Tom Bannister of Akin Gump).

This edition also includes a spotlight, prepared by Luke Weedon of Baker Botts, on the newest officers and trustees of the ACIC. To get to know the College's new leadership team, don't miss Luke's overview below.

We wish you a joyful holiday season and a very happy new year. See you in 2018!
International Legal Developements
Relating to the bankruptcy of Redwater Energy Corporation, in a highly anticipated decision, the Alberta Court of Appeal affirmed the lower court's decision that receivers and trustees have the legal authority to disclaim uneconomic oil and gas assets in order to satisfy creditors and cannot be prevented from doing so on the basis of provincial legislation. Click here to learn more.

The recast European Insolvency Regulation (the "EIR" ) came into effect on June 26, 2017, reforming the Council Regulation on insolvency proceedings (which was implemented to provide a framework of common rules on cross-border insolvencies within the European Union). The EIR will apply to all insolvencies commencing on or after June 26, 2017, whereas the Council Regulation will still apply to insolvencies commenced before that date. Click here to learn more about the EIR.

The UK Court of Appeal has dismissed all appeals brought by creditors relating to the extent and calculation of creditors' entitlements to statutory interest on their debts for periods after the commencement of the administration of Lehman Brothers International (Europe). Click here to learn more.

Following recent criticism from the Work and Pensions Committee of the House of Commons for being reactive, slow-moving and reluctant to exercise its powers in relation to the administration of the BHS Ltd schemes, the UK Pensions Regulator has published a report, outlining its involvement in the schemes and highlighting several lessons it has learnt from the situation, concluding that it would use its powers more frequently and quickly in future. Click here to learn more.
New Officers and Trustees
Congratulations to each of the following new officers and trustees who were elected at the October 2017 Annual Fall Meeting:
New Officers:
  • President: Carolyn Z. Alford, King & Spalding LLP
  • Vice President: Armando M. Gamboa, Prudential Financial, Inc.
  • Vice President: Anthony D. Yager, Chapman and Cutler LLP
  • Secretary: Tina Smith, Thrivent Financial
  • Treasurer: Christopher S. Dallas, Pacific Life Insurance Company
New Trustees:
  • Lisa M. Conmy, Foley & Lardner LLP
  • Melody R. Cross, Schiff Hardin LLP
  • Kirk M. Orr, AIG Investments
To learn more about our new leaders, please click here