Greenberg Traurig’s Mark D. Bloom Chairs International Insolvency and Creditors’ Rights Program In Vietnam

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International panel discusses the negative global impacts of the lack of harmonized bankruptcy laws throughout Asia, and the need for an effective bankruptcy mechanism in the region.

Mark D. Bloom, shareholder at the Miami office of the international law firm Greenberg Traurig and co-chair of the firm’s Global Business Reorganization & Financial Restructuring Practice Group, served as Chair of a program titled “International Insolvency and Creditor Rights” at the recent New York State Bar Association (NYSBA) International Section’s Seasonal Meeting in Hanoi, Vietnam. Bloom’s program addressed the significant international consequences of the ongoing lack of a uniform approach to business insolvency and reorganization in Asia. This topic is particularly relevant considering the vast expansion of international financing, investment and trade activity both within the region and with the United States.

“The development and enforcement of a practical and consistent approach to the resolution of troubled companies is critical to attracting international investment in the developing world. Investors seek a level of transparency and certainty in order to protect their investments,” Bloom said. “There is a critical need throughout emerging markets in Asia, Latin America and Eastern Europe for greater uniformity in the approach to bankruptcy, insolvency and debtor-creditor relationships. These issues resonate in the United States as well, as foreign companies seek to develop financial and contractual relationships in the U.S., establish U.S. subsidiaries to conduct onshore business, hire American workers, and incur trade debt to U.S. vendors and suppliers.”

At the event, panel speakers discussed key topics, including:

Comparative insolvency laws in the United States and various nations in Asia.

Use of out-of-court business workouts and restructurings in various Asian nations.

Cross-border procedures for multi-national companies, including the development of international laws and protocols governing those processes.

Cooperation among institutions, government and professionals in insolvency and restructuring situations across Asia.

The need for a uniform, multi-national approach to cross-border insolvencies, and the prospects for adoption of the UNCITRAL Model Law already accepted by Japan, Korea. the United States and other countries.

Bloom's diverse experience spanning more than 30 years includes all areas of U.S. and cross-border financial restructuring, reorganization and bankruptcy, involving the representation of debtors, trustees, secured and unsecured creditors, and official committees and purchasers of troubled companies and their assets, both in and out of bankruptcy court. Bloom is a Fellow in the prestigious American College of Bankruptcy, currently serves as its Vice President, and is a frequent author and lecturer throughout the world on both U.S. and international insolvency topics.

Greenberg Traurig’s Global Business Reorganization & Financial Restructuring Practice provides clients with the insight and knowledge that come with decades of advisory and litigation experience handling highly complex issues. The firm offers clients a broad multidisciplinary approach supported by a nationally recognized practice that has been engaged in many of today’s most complex restructurings and bankruptcies. The attorneys in the Business Reorganization & Financial Restructuring Practice offer clients the resources and reach of one the country’s largest bankruptcy practices, with more than 60 bankruptcy attorneys, and supported by the firm’s vast international platform.

About Greenberg Traurig, LLP
Greenberg Traurig, LLP is an international, multi-practice law firm with approximately 1750 attorneys serving clients from 36 offices in the United States, Latin America, Europe, the Middle East and Asia. Greenberg Traurig is among the Top 10 law firms on The National Law Journal's 2013 NLJ 350, an annual ranking of the largest firms in the U.S. For additional information, please visit http://www.gtlaw.com.

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Julia Wakefield
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