Mathew Clingerman comments on his recent INSOL Global Insolvency Practice Course graduation
Caymanian Compass–INSOL announced the second graduating class of its Global Insolvency Practice Course, an advanced educational qualification focusing on international insolvency.
The successful participants, which this year included Mathew Clingerman, senior manager at Krys & Associates (Cayman) Ltd, are formally recognised as a Fellow, INSOL International.
“Being recognised as a Fellow of INSOL International is an extremely gratifying achievement,” Mr. Clingerman said.
“Not only did the program provide me with an enhanced knowledge base and skill set pertaining to cross-border insolvency matters but it also fostered valuable relationships with my classmates and lecturers from all over the world.”
With the fast growing number of cross-border insolvency cases and the adoption in many jurisdictions of international insolvency rules and provisions, the turnaround and insolvency profession faces increasing challenges in the current economic environment.
The current outlook demonstrates that the practitioners of tomorrow need to have extensive knowledge of the transnational and international aspects of legal and financial problems of businesses in distress.
Mahesh Uttamchandani, Global Product Leader, Insolvency, Investment Climate Advisory Services at the World Bank Group said, “The fellowship programme is a very rewarding investment towards a successful career, both through helping the development of professional skills and through fostering a greater understanding of different jurisdictions’ cultures and systems.”
The fellowship programme is structured in three modules, the first of which was held in London from the 23-25 October 2009 at University College London. The second module took place in Dubai from the 19-21 February 2010, prior to the INSOL annual conference.
The last module made use of web enabled technology and featured a virtual court. It was made available through the support of the University of British Columbia, Vancouver, Canada.
Participants undertook real time negotiations for a restructuring plan involving multiple jurisdictions and a number of senior judges from around the world.
To ensure academic excellence and the opportunity for good personal contact between students and faculty, admission to the course is limited to a maximum of 20 candidates each year, INSOL said in a press statement.
Potential candidates must already hold a degree and have a minimum of five years experience in the field to be considered for the programme.
President of INSOL Sumant Batra commented on the programme: “In this current period of global economic crisis, with continuing constraints on capital availability, it is even more important forthose involved in assisting both corporates and lenders to have a strong understanding of the differences in approaches to restructuring and insolvency that are likely to be encountered in resolving multinational organisations.
“This course, drawing on leading lecturers from around the world, brings together both the financial and legal aspects that must be understood in tackling such cases,” he added.