Nick Hood Co-Chairs INSOL International Seminar in Delhi

Date Published: 6th December 2010

BGN Chairman Nick Hood was delighted to act as International Technical Chairman of the INSOL International seminar in Delhi on 3rd December, which explored a number of key issues as the Indian insolvency and business rescue regime anticipates the impact of new legislation to modernise a system struggling to keep up with rapid changes in both local and international markets.

Nick was supported at the event by BGN lead member for India, Sajeve Deora of Integrated Capital Services. In the days before the seminar, Nick and Sajeve had a number of very promising meetings with bankers, lawyers and other professionals, which not only promise to produce future high quality cross border opportunities for network members, but also identified two new potential members for the network. One of these is likely to increase the network’s coverage in the increasingly important Gulf and Middle East regions.

A wonderfully wise and non-political keynote address from the Honourable Minister Mr. Salman Khursheed, Minister of State for Corporate Affairs was the ideal start to the INSOL Seminar, reassuring delegates that the Government of India recognised the importance of creating an effective environment for recycling non-performing assets.

Sumant Batra explained the breadth and depth of INSOL International’s activities, before a four panel session programme took the delegates through a range of topics. The first, chaired by Ashwani Puri of Veritas Advisors, reviewed India’s Corporate Debt Restructuring procedures, with contributions from Anish Modi of ADM Capital, Mr K P Ramakrishnan of IDBI Bank and Howard Seife of Chadbourne & Parke in New York giving an international flavour.

The next panel debated the development of a private sector insolvency profession in India. Chairman Nick Hood from the Begbies Global Network was well supported by Adam Harris of Bowman Gilfillan in South Africa, Jitesh Khosla from the Indian Institute of Corporate Affairs and Justin Yap from the World Bank. The topics ranged through fee structures, the desirability of multi-disciplinary practices and admission standards for the profession, with international best and worst practice being examined in the context of the Indian market.

After an excellent networking lunch, the programme continues with a session on legal, policy and regulatory challenges, conducted under the stewardship of Gordon Stewart from Allen & Overy in London. His panel brought a wealth of local and global experience to bear, with inputs by Alok Dhir of Dhir & Dhir, Mr S Khasnobis from ARCIL, Alok Nigam of the Ministry of Finance, Derek Sach from The Royal Bank of Scotland in the UK and Rakesh Singh from Rothschild.

The day ended with a wide ranging examination of the vexed subject of creating an effective insolvency system for India’s 26 million SMEs, led by Sumant Batra with Michael Thierhoff of Thierhoff Illy in Germany and Mr B Venkateswarlu from Kotak Mahindra Bank.

Some 55 local delegates and their 16 international counterparts enjoyed a thoroughly stimulating technical programme, with many “take aways” for use in the challenging times ahead as India continues to modernise its insolvency and restructuring regime. The day was co-chaired in refreshing and effective style by Zia Mody of AZB Partners & Rajiv Luthra of Luthra & Luthra. The Technical Co-Chairs were Nick Hood and Ashwani Puri.

Many of the delegates stayed on for an excellent drinks reception and dinner, which provided the perfect end to a great day of learning and sharing between professionals, all within the first class facilities of the Oberoi Hotel.

Grateful thanks go to event sponsors AZB & Partners, Dhir & Dhir, Kotak Mahindra Bank, Asset Reconstruction Company (India) Ltd and Luthra & Luthra, and to Tina McGorman and Penny Robertson from the INSOL Secretariat, without all of whose efforts and commitment the event could not have been the huge success it was, as confirmed by many positive comments from delegates.

The seminar was co-hosted by the Indian Institute of Corporate Affairs, INSOL India, the Institute of Company Secretaries of India, the Society of Indian Law Firms and the Society of Insolvency Practitioners of India, whose input and support were essential ingredients in its positive outcome.

About the author

Julie Palmer

Regional Managing Partner

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Julie is a law graduate who qualified with Price Waterhouse in 1994. Julie joined Smith & Williamson in 1997 and became a partner in 2001. With Mike Stevenson, Julie set up Middleton Partners offices in Salisbury and Southampton, both of which are now part of Begbies Traynor.

Julie is a member of the Insolvency Practitioners Association and is a Fellow of The Association of Business Recovery Professionals. Julie deals with all aspects of Corporate Recovery and turnaround work and takes all form of personal insolvency appointments.

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