The ABI is the largest multi-disciplinary, non-partisan organization dedicated to research and education on matters related to insolvency and has a membership of over 13,000 insolvency practitioners, including judges.
Senior Partner, John K F Delaney QC (together with leading US and Cayman Islands insolvency law practitioners) was a presenter during a panel discussion chaired by Hon. Pamela Pepper, US Bankruptcy Court Judge (E.D. Wis), Milwaukee, at the recent ABI Caribbean Insolvency Symposium, held 6 – 8 February 2014 in San Juan, Puerto Rico.
The topic was "Ethics: The New World Order – A Comparison of Ethical Issues with Respect to Retention an Compensation of Restructuring Professionals in the US / Caribbean."
Discussed was the ABI National Ethics Task Force proposal1 to amend the Federal Bankruptcy Rule 2014 pertaining to the hiring of insolvency professionals, including greater disclosures provisions for conflicts and connections and the relative position under the laws of The Bahamas and the Cayman Islands.
Mr Delaney (a leading insolvency law practitioner in The Bahamas who during his recently concluded service as Attorney-General was privileged to lead comprehensive reform to Bahamian corporate insolvency laws) discussed the topic from a comparative perspective and referenced Bahamian insolvency laws regulating professional qualifications, competency, independence of practitioners to prevent conflicts of interests in persons engaged, and remuneration of insolvency practitioners. The Insolvency Practitioners Rules, 2012, of The Bahamas regulate such matters and are part of the compendium of corporate insolvency laws which took effect during 2012 constituting a modern regime for the liquidation of Bahamian companies.
Footnotes
1 Final Report of the American Bankruptcy Institute National Ethics Task Force, dated 21Apr13.
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