The INSOL International 2019 Regional Annual Conference was held in Singapore from 2nd to 4th April 2019.
Here is a report back from SARIPA Chairman, Eric Levenstein:
"René and I have just returned from INSOL's conference in Singapore. The conference was attended by 865 delegates from 90 different jurisdictions.
The theme of the conference was "Looking to the future, what to expect and how to prepare". Many of the sessions dealt with what we, as IPs, BRP’s, lawyers and bankers can expect in what is a rapidly changing technological world. The global economy is expected to evolve at a technological pace that we are all going to struggle to keep up with. Advances in technology will impact on how we do business, and might in fact replace the way we do things as we know it, the jobs that exist today might very well not exist at all in 2030.
We attended a half day workshop on issues that affect INSOL Member Associations (MA's), some takeaways from the workshop included:
- Various jurisdictions have an increasing problem engaging with stakeholders regarding the amending of current legislation which is outdated and not conducive to effective administration. Our IP’s for one can identify. INSOL has undertaken to produce a document setting out how important it is for Governments to acknowledge the important economic contribution IP’s and BRP’s make and provide guidelines on how the MA’s can assist their members.
- It also became evident that worldwide, MA membership numbers are declining. It appears that in international jurisdictions, there is an increase in informal workouts and restructuring and less of a need for formal procedures. In contrast, SARIPA's membership numbers continue to increase (currently we have 690 members and remain INSOL International's fifth largest MA).
INSOL International announced the launch of its new Asian hub in Singapore. The move represents the first ever physical expansion of INSOL, headquartered in London, since it was formed in 1982. The Singapore office will enable INSOL to increase its engagement with existing members and other key stakeholders in Asia, and provide more opportunities for the education and training of practitioners. It will also lead and assist in the development of insolvency and restructuring systems in Asia, and strengthen relations with government agencies, regulators, the judiciary and global agencies operating on the ground, to aid in the development of best practice. The new office will be located in Singapore's Maxwell Chambers Suites, the newly refurbished building adjacent to Maxwell Chambers, which will house international dispute resolution institutions, law associations, arbitration chambers, law firms and ancillary services.
The next INSOL Conference will be held in Cape Town on 15 – 18 March 2020. I have been appointed Technical Co-chair with Nico Tollenaar of the Netherlands. INSOL have requested SARIPA to assist in making suggestions on formal technical content and ancillary events. This is exciting and significant interest has been expressed in attending."
Here are some social media comments and images posted during the Conference, where SARIPA was well represented.