IWIRC London holds its third annual conference

IWIRC London held its third annual conference on 10 November 2022 in collaboration with Reorg. It was a tremendous success – despite a tube strike!

Panelists spoke about various topics, including panels on the restructuring landscape, directors duties, the imposter syndrome and a discussion between judges. A brief synopsis of the day is below.

The Restructuring Landscape discussed commercial session covering market trends and topical issues.

Speakers:

• Hannah Gray – Director, UKGI Special Situations team

• Zip Jila – General Counsel, Warwick Capital Partners LLP

• Helen Skeates – Senior Director, Alvarez & Marsal

• Chair: Julie Miecamp – Managing Editor Europe, Reorg

Overview: The panel discussed the impact of government support and liquidity in reducing insolvencies and restructurings. They moved on to consider how things have changed with the withdrawal of government support and increased yields in the primary markets. The panel then turned to the macro-economic conditions that might lead to stress and distress and sectors that are likely to feel the pressure. Lastly, the panel considered how funds make their investment decisions, and what companies and boards can do to make sure they are prepared to deal with any downturn.

Navigating directors’ duties in restructurings discussed the practicalities of navigating directors duties in light of commercial pressures.

Speakers:

• Jade Moore – Group Executive Director, ED&F Man

• Mary-Kay Fuller – independent director

• Lisa Rickelton – Senior Managing Director, FTI Consulting

• Chair: Katharina Crinson – Counsel, Freshfields Bruckhaus Deringer

Overview: The panel explored how Jade and Mary-Kay’s careers developed from restructuring partner to director specialised in restructuring (both on an executive and non-executive basis).The panel explored the tensions that can occur at board level and strategies to work with the existing leadership team in any given situation. These are similar to tensions that an insolvency officeholder may experience when taking the appointment, although there are clear differences. The panel further explored the impact of directors and officers insurance (or the lack of it). Lastly, the panel explored why there are so few women in this job and concluded that role models do in fact matter.

Imposter syndrome discussed how this impacts careers and mental health.

Speaker: Belinda Riley – Diversity, Equality and Inclusion Specialist

Introduced by: Christina Ward, Senior Vice President, AlixPartners

Overview: This session focused on exploring the systematics barriers of inequality that compound and influence the feelings of imposter syndrome with very practical and actionable strategies to help leaders empower individuals to overcome and manage imposter syndrome and was delivered by Belinda Riley.

International restructurings with Justice Snowden and Judge Shelley Chapman.

Speakers:

• Lord Justice Snowden, Court of Appeal, England and Wales

• Hon. Shelley Chapman (Ret.), former U.S. Bankruptcy Judge for the Southern District of New York

• Chair: Mandip Englund, Partner, Fried Frank

Overview: Valuation disputes are a relatively new feature of the UK restructuring landscape with the introduction of the restructuring plan and cross class cramdown. In the US, the resolution of valuation disputes is well embedded within the Chapter 11 process. The panel had a lively discussion about the experience of the US and UK courts, what judges expect when it comes to information disclosure, evidence and experts and what the UK court can learn from the US experience as more valuation issues arise through the use of restructuring plans. The judges also discussed international restructurings, recognition and forum shopping and the issues that are likely to arise as parties continue to try to avail themselves of the US and UK regimes for restructuring “foreign companies”.

The conference concluded with a drink reception sponsored by Reorg.

The conference planning committee is pictured below:

From left to right: Jo Hewitt, Alvarez & Marsal; Olivia Lock, FTI Consulting; Sam Dinnan, GLAS; Lisa Rickleton, FTI Consulting; Mandip Englund, Fried Frank; Monika Lorenzo-Perez, Squite Patton Boggs; Katharina Crinson, Freshfields; Claire Tanner, K&L Gates