Walkers to speak at INSOL Offshore Sydney 2017

Walkers partner Fraser Hern will chair the 'Old Profits, New Profits' session at the INSOL Offshore Ancillary Meeting in Sydney on Sunday 19 March 2017. Four other Walkers partners will be in attendance: Neil Lupton, Nicole Tovey, Matthew Goucke and Timothy Haynes.

This ancillary meeting is part of INSOL's Tenth World Quadrennial Congress which promises to be a wonderful opportunity to spend three days learning about the latest developments within the insolvency profession. 

Old profits and new profits in the liquidation of investment funds

Arguments over retrospective revision of the allocation of profits in investment funds and recovery of distributed funds where hindsight has shown these to be either inflated or even completely fictitious are familiar territory for many in the offshore world.

The perennial policy battle between those arguing for certainty on distribution against those arguing for an equitable distribution between participants has been illustrated by a series of cases in which practitioners have attempted to balance the competing interests of stakeholders in recovery of such distributions with the practicalities of “clawback”. At the same time, the battle over the share of “old profits” has been joined by a massive rise in the secondary debt market. The motivation and approach of new participants are often significantly different to the original investors, which has in turn raised its own issues for practitioners.

This panel sets out the latest developments in the law and the implications for stakeholders and practitioners.

 


BERMUDA
Nicole ToveyPartnerT +1 441 242 1512nicole.tovey@walkersglobal.com

CAYMAN ISLANDS
Matthew GouckePartnerT +1 345 914 6332matthew.goucke@walkersglobal.com
Neil LuptonPartnerT +1 345 914 4286neil.lupton@walkersglobal.com

HONG KONG
Timothy HaynesPartnerT +852 2596 3323timothy.haynes@walkersglobal.com

JERSEY
Fraser HernGroup PartnerT +44 (0) 1534 700 780fraser.hern@walkersglobal.com