Panel: 25th Anniversary Retrospective: Reflecting on the Most Significant Decisions and Changes to the Insolvency and Restructuring Practice Over the Past 25 Years
Summary by Dr. Charles Ho Wang Mak – NextGen Class 2024
The 25th Anniversary Retrospective brought together distinguished panellists, including Daniel S. Glosband, Corinne Ball, Daniel Carnio Costa, Mr. Chief Justice Geoffrey B. Morawetz, and Lord Justice Antony Zacaroli, to discuss the most significant developments in insolvency and restructuring practice over the past quarter-century. Moderated by Daniel S. Glosband, the discussion painted a vivid picture of a global legal landscape moving steadily from jurisdictional uncertainty towards greater international cooperation and harmonisation.
The panellists explored the profound impact
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of the UNCITRAL Model Law on Cross-Border Insolvency as a catalyst for this change. Corinne Ball recalled the era of the landmark Maxwell case, emphasizing a key takeaway from the U. S. perspective: the importance of the bar and judiciary working together practically and efficiently to achieve ideal, cost-effective results.
The international nature of this evolution was a central theme. Daniel Carnio Costa detailed Brazil ' s journey, noting its first major insolvency law update in 2005, influenced by the U. S. Chapter 11. He described the " second revolution " in 2020, a great reform that formally adopted the UNCITRAL Model Law and established tools for direct communication between courts in cross-border cases. Similarly, Mr. Chief Justice Geoffrey B. Morawetz described how Canada moved from a period of confusion and uncertainty to a more predictable and respectful system after adopting the Model Law.
From a U. K. perspective, Lord Justice Antony Zacaroli reflected on the fundamental shift in power dynamics away from the absolute rule of secured creditors towards the use of arrangements, a concept he described as extremely broad. He underscored the remarkable growth in cooperation between courts across different jurisdictions.
The consensus from the panel was clear: the last 25 years have been defined by a transformative shift towards a more collaborative and standardised global insolvency framework.
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