Technical Co-Chair Dr. Lars Westpfahl Freshfields Bruckhaus Deringer LLP Real estate in distress: Bankruptcy and restructuring cases Chair: James H.M. Sprayregen, Kirkland & Ellis LLP Sean P. Arnold, Starwood Capital Group Global LP Eric Benedict, AlixPartners LLP Stephen Parbery, PPB Plenary Sessions Storms of the recent past and managing future challenges Joharah Ballroom Technical Co-Chair Maurice Moses Ernst & Young LLP Storms of the recent past and managing future challenges Storms of the recent past and managing future challenges Chair: Alan Bloom, Ernst & Young LLP Rob Abendroth, Allen & Overy Steven Miller, Mayer Brown JSM Howard Seife, Chadbourne & Parke LLP Summary of the survey Analysis of respondents: Lawyers43 Accountants19 Financial advisers2 Government / Regulators1 Other1 Law professor1 Insolvency administrator1 Professions not mentioned18 Summary of the survey Countries that participated in the survey: AustraliaBelgium BermudaBritish Virgin Islands Cayman IslandsChannel Islands DenmarkGermany GreeceIndia MauritiusNetherlands NigeriaRomania South AfricaUkraine United KingdomUnited States of America Summary of the survey The problems faced and the solutions employed have been unique to this recession and therefore do not provide lessons for the future Summary of the survey During this recession the bankruptcy / reorganisation legislation in my country has helped me to deal effectively with the issues I have faced as an insolvency practitioner Summary of the survey During this recession the bankruptcy / reorganisation legislation in other countries has helped me to deal effectively with the issues I have faced as an insolvency practitioner Summary of the survey I have experience of cross border protocols and they have had real beneficial impact Summary of the survey I have experienced the following issues during this recession:Difficulty in operating effectively across borders Summary of the survey I have experienced the following issues during this recession: Difficulty in getting creditor acceptance of fee levels Summary of the survey I have experienced the following issues during this recession: Difficulty in getting acceptance that we have added value to a situation Summary of the survey I believe that in this recession the boards of companies have responded more quickly than in the past in taking advice to deal with their difficulties Summary of the survey In my country the insolvency profession is seen as a positive force for restructuring/ rehabilitation Summary of the survey In my country insolvency practitioners are seen primarily as liquidators Summary of the survey In my experience of multi jurisdictional insolvency, I see local creditors making sacrifices for the greater good of the restructuring Summary of the survey Financial stakeholders distinguish between rescuing valuable businesses and supporting those that do not deserve it Storms of the recent past and managing future challenges Chair: Alan Bloom, Ernst & Young LLP Rob Abendroth, Allen & Overy Steven Miller, Mayer Brown JSM Howard Seife, Chadbourne & Parke LLP Conference Close INSOL President Sumant Batra, Kesar Dass B. & Associates Conference Co-Chairs Dr. Nasser H. Saidi, DIFC and Hawkamah Peter Spratt, PricewaterhouseCoopers Technical Co-Chairs Maurice Moses, Ernst & Young LLP Dr. Lars Westpfahl, Freshfields Bruckhaus Deringer LLP General Sponsors AlixPartners LLP Asset Reconstruction Company (India) Ltd BTG Mesirow Financial Consulting Deloitte LLP Derra, Meyer & Partner Financial Times Greenberg Traurig LLP hww wienberg wilhelm PricewaterhouseCoopers Group of Thirty-Six AlixPartners LLP Allen & Overy LLP Alvarez & Marsal LLC Baker Tilly Begbies Global Network Bingham McCutchen LLP Cadwalader Wickersham & Taft LLP Chadbourne & Parke LLP Cleary Gottlieb Steen & Hamilton LLP Davis Polk & Wardwell De Brauw Blackstone Westbroek Deloitte LLP Ernst & Young Ferrier Hodgson Freshfields Bruckhaus Deringer Goodmans LLP Grant Thornton Greenberg Traurig LLP Huron Consulting Group LLC Jones Day Kaye Scholer LLP Kirkland & Ellis LLP KPMG LLP Linklaters LLP Lovells LLP Norton Rose LLP Pepper Hamilton LLP PPB PricewaterhouseCoopers RSM Corporate Advisory Services Shearman & Sterling LLP Skadden, Arps, Slate, Meagher & Flom LLP Vantis Weil, Gotshal & Manges LLP White & Case LLP Zolfo Cooper LLP INSOL Singapore Annual Conference March 2011