This Spring, the ILA intends to run three virtual webinars and a panel session on the “rule in Gibbs”. The broad effect of this rule is that only an English insolvency or restructuring proceeding (or any such proceeding that is effective under English law) can vary or discharge an English law governed agreement. The rule is very topical following the Insolvency Service’s recent consultation on whether the UK should adopt Article X of the UNCITRAL Model Law on Cross Border Insolvency which (in the absence of guidance to the contrary) could potentially have the impact of overturning the rule by statutory instrument.
We have invited leading UK and US academics and practitioners to explore the rule in Gibbs in a series of webinars before a panel session at the ILA conference on 10 May where the rule will be considered in the context of a case study showing some of the practical implications of the rule and what the world of English finance law might look like without it. The three virtual sessions will consider the practical consequences of any statutory reversal of the rule (including on legal opinions, financial transactions and legal certainty more generally), whether a statutory reversal is right in the context of a restructuring rather than a distributing insolvency process and how Chapter 15 of the US Bankruptcy Code deals with these issues.
The sessions will be structured as follows:
Webinar 1 will provide an introduction to the rule and the Insolvency Service’s consultation and will consider how Chapter 15 deals with some of the issues addressed by the rule;
Webinar 2 will consider some of the advantages of the rule in terms of legal certainty and will consider what the world of English finance law might look like without the rule;
Webinar 3 will consider some of the disadvantages of the rule and how a statutory reversal might be implemented; and
Panel event at the ILA conference will consider the practical implications of the rule by reference to a case study.
Further details regarding the dates and speakers will be sent to members shortly.
This webinar series is FREE TO ILA MEMBERS. The ticket price for non-members is £45 plus VAT per session. Non-members who purchase tickets for two sessions will be able to contact us at email@example.com to request a code to access the third session in the series FREE.