From the Chair continued from page 2
The College has also remained an important institutional voice in the efficacy of our system of insolvency in the United States , most recently joining Fellows Daniel Glosband , Jay Westbrook , and Judge Allan Gropper ( ret .) in filing an amicus brief in the Eleventh Circuit Court of Appeals on the issue of whether the eligibility requirements of section 109 ( a ) of the Bankruptcy Code apply to a foreign debtor in a chapter 15 case .
These and other activities don ’ t happen without a lot of work and dedication from our Fellows . So thank you to those who have been involved . And if you want to be more involved , it is that time of year . Our nominating committee has been formed and is beginning its deliberations . We welcome both self-nominations and recommendations regarding other candidates for consideration . Or to become a member of a committee , just reach out directly to the chair to find out more about volunteer opportunities .
Most in our industry agree that we are early in the restructuring cycle and that economic and credit stress are building . The sustained impacts of labor shortages , rampant inflation , rising interest rates , continued supply chain disruptions and geopolitical uncertainty have resulted in fundamentals that are worsening by the day . Both consumer sentiment and business confidence are trending downward . Economists are predicting real GDP contractions in the United States during the first half of 2023 and slowing growth globally . Downgrade activity , distress ratios and bankruptcy filings are creeping up . In an informal poll at an NCBJ panel on disruptions in the marketplace , virtually all audience members agreed that the US already is in a recession or will be by mid- 2023 . Against that backdrop , the services of our Fellows , and in turn the College , will again be fundamental to providing relief and resolution to many individuals , businesses and their stakeholders .
Tales From the Crypt-O Panel at 2022 Fall Luncheon : Mohsin Meghji , Vince Lazar and Hon . Martin Glenn
20