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January 19, 2006
Alan J. Levin, Selinda A. Melnik
New York, NY — January 19, 2006 –The national law firm of Edwards Angell Palmer & Dodge has made international bankruptcy law history by obtaining the first Order granting a Petition under the new Chapter 15 of the United States Bankruptcy Code in the aid of a non-US proceeding involving a foreign business debtor. The Order was entered by United States Bankruptcy Judge Burton R. Lifland in a case known as: In re La Mutuelle du Mans IARD United Kingdom Branch MMA Account (Chapter 15 Case No. 05-60100) filed in the United States Bankruptcy Court for the Southern District of New York November 11, 2005.
Chapter 15, which became effective October 17, 2005, incorporates into United States Bankruptcy law the “Model Law on Cross-Border Insolvency” adopted by the United Nations in 1997 following more than three years of deliberation by the UN Commission on International Trade Law (“UNCITRAL”). Among other things, Chapter 15 broadens the mechanism through which representatives of non-US proceedings might obtain relief, including injunctive relief, in the United States, expands the powers of US Bankruptcy Courts, and enhances the rights of both US and non-US creditors.
The EAPD team of attorneys was led by Insurance and Reinsurance Department Chair Alan J. Levin and Insolvency & Creditors’ Rights partner Selinda A. Melnik. Melnik, who worked with the United Nations to develop the Model Law, fashioned the first comprehensive pleadings translating Chapter 15 law, rules and theory into practice.
“We had to grapple with a series of ‘firsts’ in this case,” said Melnik, noting its significance for more than being the first major case to test the limits of US Chapter 15. Melnik, who is resident in the Firm’s New York City and Wilmington, Delaware offices, has practiced international insolvency law for more than 20 years. Who’s Who Legal and other peer nominated publications list Melnik as one of the leading practitioners in the bankruptcy field internationally. She is past Chair of the International Bar Association’s Committee on Insolvency and Creditors’ Rights and she founded IWIRC, the International Women’s Insolvency and Restructuring Confederation, for which she received Corporate Legal Times’ “Distinguished Legal Services” Award. Melnik was Counsel to the first worldwide creditors’ committee in a multinational insolvency case.
According to Melnik, the case also represents the first time a US Court has interpreted where the “center of main interests” of a foreign debtor lies -- a hotly debated concept in the European Union designed to determine which country will have pivotal primary jurisdiction over a debtor and its assets where the debtor has contacts in multiple countries. In addition, the case is of considerable interest to the international insurance community, as the Order confirms that a US Bankruptcy Court may grant relief to aid the effective implementation of a solvent scheme of arrangement for the payment of claims against a foreign re/insurer in runoff.
“The combined international insurance and international insolvency expertise of the Firm enabled us to bring to this challenging assignment a breadth of knowledge and experience unique in the industry,” added Levin who is resident in the Firm’s Hartford, Connecticut and New York City offices. He is recognized internationally as one of the foremost US legal advisors to numerous sectors of the insurance and reinsurance industries and is responsible for having grown Edwards Angell Palmer & Dodge’s internationally recognized Insurance & Reinsurance practice from the ground up. Levin is the author of several articles and a frequent speaker on insurance-related issues in both the U.S. and abroad.
Edwards Angell Palmer & Dodge LLP has more than 520 lawyers in nine offices offering a full array of legal services to clients worldwide with a special industry-based focus in the Financial Services, Insurance and Reinsurance, Life Sciences, Education, Airport, Technology and Private Equity/Venture Capital sectors. Edwards Angell Palmer & Dodge has offices in: New York City, New York; Boston, Massachusetts; Ft. Lauderdale and West Palm Beach, Florida; Hartford and Stamford, Connecticut; Providence, Rhode Island; Short Hills, New Jersey; Wilmington, Delaware; and a representative office in London, England.
Contact:
Jennifer O'Leary-Cathell
(401) 276-6419
joleary@eapdlaw.com
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