April 13, 2010 // Franchising.com // (NEW YORK) — Sonnenschein Nath & Rosenthal LLP announced today that Farrington Yates, a partner in the law firm's Corporate Reorganization & Bankruptcy Group, has been conferred the title of "Fellow" by the International Association of Restructuring, Insolvency & Bankruptcy Professionals (INSOL International), a federation of national associations for accountants and lawyers specializing in turnaround and insolvency. Yates was one of nine individuals, and one of only two from the United States, to receive this distinction.
A Fellow of INSOL International must have successfully completed INSOL's Global Insolvency Practice Course, a LL.M.-level program that teaches insolvency professionals the underlying principles, statutory and regulatory frameworks, and restructuring regimes in various jurisdictions around the globe. Yates's fellowship is in recognition of his expertise in the area of cross-border insolvency proceedings of debtors with operations in multiple countries.
INSOL's fellowship program limits each class to a small number of experienced practitioners in geographically diverse locations. The program, which this year included face-to-face sessions in London, Dubai and Vancouver, is taught by academics and others affiliated with INSOL International. The course culminates in a mock virtual workout simulation involving a fictitious global company, spanning a two-week period of reorganization planning, as well as the negotiating and executing of a rescue plan by pursuing court proceedings before actual judges. Throughout the program, participants gain familiarity with restructuring regimes in various countries, while also acquiring the necessary tools to coordinate and recognize proceedings in multiple jurisdictions using the United Nations Commission on International Trade Law (UNCITRAL) Model Law on Cross-Border Insolvency, the European Community Regulation on Insolvency Proceedings and Chapter 15 of the United States Bankruptcy Code.
Sonnenschein's Corporate Reorganization & Bankruptcy Group has substantial expertise to assist clients with issues and disputes in cross-border insolvency proceedings worldwide. The group is supported by attorneys in several practices with experience in the international arena. Among other cross-border insolvency engagements, Sonnenschein currently represents the German insolvency administrator of Lehman Brothers Bankhaus AG (in Insolvenz) in Chapter 15 proceedings pending in the Bankruptcy Court for the Southern District of New York and in the United States Chapter 11 proceedings of Lehman Brothers Holdings, Inc.
With more than 700 lawyers and other professionals in 14 offices in the United States and Europe, and a global reach throughout the Americas, Africa, Asia and the Middle East, Sonnenschein serves the legal and public interest needs of many of the world's best-known and most admired businesses, nonprofits and individuals. Founded in 1906, Sonnenschein is a leader in innovative legal services, serving our clients through integrated, inter-office cooperation and teamwork among practice groups to provide efficient, effective and timely legal services and business counseling.