Kenneth Krys and Craig Powles (Solomon Harris Attorneys at Law) Represent Cayman in Argentina as part of International Panel Discussion

Press Release–Kenneth Krys, Founder and CEO of Krys & Associates and Craig Powles, LLB (Hons), Senior Associate of Solomon Harris Attorneys-At-Law, were in Buenos Aires, Argentina last month as part of an international panel discussion entitled “Cross Border Issues: Madoff Goes Offshore.” The discussion took place at the 2010 International Insolvency Law Conference, sponsored in part by the Argentine Institute of Commercial Law. Other esteemed panel members included the Honorable Judge Elizabeth Stong, United States Bankruptcy Judge Court for the Eastern District of New York and Christopher Jarvinen, partner of Hahn & Hessen, LLP, New York and also a co- founder of the annual conference. While discussing key issues associated with the Madoff case, the panel delved into recent developments in cross border and offshore insolvency issues as well as topical changes to certain practices in the United States Bankruptcy Courts.

Speaking about the panel’s discussion, Mr. Krys said “It was an excellent opportunity to demonstrate the sophistication and capabilities of insolvency practitioners and attorneys in the Cayman Islands and British Virgin Islands. The discussion of some of the complexities and areas of debate was well received by the Argentine attorneys and judges who attended and it will aid in building a better understanding of the need to assist and cooperate in international insolvency proceedings.” Agreeing with Mr. Krys, Mr. Powles added “There has of course been a notable rise in cross-border insolvencies involving both the United States and the Cayman Islands over the past two years. There are many intricacies in the US Bankruptcy system that are evolving with each new case brought before the Courts. By focusing on these particularities in our discussion, we were hoping to share our collective insight with our colleagues at this international platform. Latin American economies are a very important emerging market and whilst Argentina’s economy faces several challenges, it has great potential.”

Other distinguished speakers at the conference included the Honorable Judge Robert Drain, United States Bankruptcy Judge for the Southern District of New York, who spoke about key issues and differences regarding insolvency laws in Argentina and the United States. Also contributing to this discussion was Mr. Javier Lorente, UBA, partner of Naveira, Truffat, Martínez, Anido, Lorente y López Abogados in Buenos Aires and a renowned expert in Argentinean insolvency law as well as conference co-founder and organizer.

As Mr. Jarvinen explains, he and Mr. Lorente developed the idea for the conference in 2008 with the goal of fostering discussions of corporate and consumer insolvency issues within the Argentine and international contexts and to provide an opportunity for insolvency practitioners to network with one another. The conference drew an audience comprised of leading Argentine insolvency and commercial lawyers, as well as US and Argentine bankruptcy judges. Delegates came from all across Argentina, Uruguay, the Caribbean and the United States to hear from the distinguished speakers. Conference organizers and delegates agree that having speakers from the Cayman Islands not only expanded international ties, but contributed to the high-quality of the presentations and overall event.

Mr. Krys and Mr. Powles were extremely pleased with the positive interest the presentation attracted and feel honored to have participated in such a highly regarded forum. Both look forward to being invited to speak again at next year’s conference.