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This episode, part of a new sub-series ofpodcasts focused on recent publications by our members, features an interviewwith Dr.Lydia Tsioli on her book, Viabilityin Corporate Debt Restructuring Law (Edward Elgar Publishing, 2025). This book presents the first holistic and comprehensive analysis of corporate debt restructuring law through the lens of viability. In the accompanying podcast, Lydia explores how the concept of viability can—and should—serve as a guiding principle in corporate debt restructuring law. Her analysis addresses a gap, namely that viability has been a largely unexplored notion in European and English scholarship, while in the US there has not yet been any systematic examination of the Chapter 11 provisions through the lens of viability. In light of this, Lydia examines US and UK frameworks, as well as the European Directive on restructuring and insolvency, to uncover, critically evaluate and make proposals on how they should optimally reflect viability on their provisions. Her proposals can inform both the forthcoming review of the European Directive in 2026 and the ongoing development of American and English restructuring law. The book provides a clear definition ofviability by distinguishing between financial viability and economic viability and establishes its role within the corporate debt restructuring architecture. Itconsiders practical ways in which viability should be embedded in a legal framework, explaining why it matters for legal design, and how the intensity of viability assessment varies across the different stages of a restructuring.Furthermore, it analyses the role of the parties involved in a restructuring process, including the role of the courts. The podcast is introduced by NextGen’s co-chair,Olya Antle of Cooley, and moderated by Dr. EugenioVaccari (Royal Holloway, University of London). It was recorded in December 2025, with information accurate at the time of recording.

This episode, part of a new sub-series of podcasts focused on recent publications by our members, features an interview with Prof. Laura N. Coordes (Arizona State University) and Dr. Eugenio Vaccari (Royal Holloway, University of London) on their latest book, Municipalities in Financial Distress: An Environmental, Social and Governance Critique (Edward Elgar Publishing, 2025). The book is available open access, and it has been jointly written with Prof. Yseult Marique (University of Essex) and Prof. Geo Quinot (Stellenbosch University). The book looks at municipal distress in the USA, UK and South Africa, and argues that long-term recovery and sustainability for municipalities in financial distress requires a modularly tailored decision-making process, incorporating environmental, social, and governance (ESG) considerations. In the podcast, the authors explain that municipalities face unique challenges compared to corporations: they cannot liquidate, must continue providing essential services, and their failure undermines local democracy. Financial distress disproportionately affects vulnerable citizens, making social consequences immediate and severe. The discussion highlights why ESG principles are crucial for municipalities. Unlike corporations, councils manage planning, waste, and social care, making environmental and social resilience a public good. Governance failures—such as those seen in Croydon and Birmingham—underscore the need for stronger accountability and transparency. The episode compares the US and UK frameworks. The US has Chapter 9, a formal insolvency procedure allowing debt adjustment, but municipal bankruptcies remain rare due to political reluctance and strict eligibility rules. Detroit’s case illustrates both the potential and limitations of Chapter 9, showing the importance of negotiated solutions and public service obligations. In contrast, the UK relies on Section 114 notices, a late-stage, punitive regime that freezes spending and undermines local democracy without offering restructuring options. Both systems are criticised for being reactive and financially focused, rather than preventive and sustainability-oriented. The authors call for reforms: early-warning mechanisms, court-supervised restructuring, embedding ESG principles in turnaround plans, and strengthening governance and audit frameworks. They stress that local authorities are critical social infrastructure, and failure is not merely financial but societal. The podcast is introduced by NextGen’s co-chair, Gemma Bellfield of Ogier, and moderated by ⁠Francesca Burigo of Università eCampus. It was recorded in December 2025, with information accurate at the time of recording.

This episode, the first one of a new sub-series of podcasts focused on recent publications by our members, features an interview with Dr. Ilya Kokorin (Dutch Authority for the Financial Markets) on his latest book, Intra-Group Financing and Enterprise Group Insolvency (Edward Elgar Publishing, 2025). Ilya’s book explores common intra-group financial transactions—such as intra-group loans and cross-guarantees—and their treatment in the insolvency and restructuring of multinational enterprise groups. During the podcast, Ilya explains that while individual companies within a group have separate legal personalities, the group as a whole does not, even when it is highly financially or operationally integrated (as in the case of Lehman Brothers, among others). He argues that insolvency frameworks should recognise the integrated nature of corporate groups to prevent value loss. In other words, insolvency laws need to overcome their current “entity bias” to truly maximise value. The podcast also addresses the importance and controversy surrounding third-party releases, as well as the critical role of cooperation and communication in group insolvencies. Finally, it highlights pragmatic and innovative solutions that practitioners may consider when dealing with complex group insolvency scenarios.

This episode features a conversation with Jo Tay. Jo is Partner at Allen & Gledhill in Singapore as well as a III NextGen member. Jo specialises in cross-border restructuring and insolvency. This episode offers an in‑depth exploration of the complex interaction between arbitration and insolvency, using the Sapura Fabrication case as a central point of reference. In that matter, the Singapore courts considered whether arbitration claims could proceed despite moratoriums imposed during ongoing cross‑border restructuring procedures, ultimately highlighting the delicate balance between respecting arbitration agreements and preserving the integrity of insolvency regimes. The discussion reflects how the Sapura litigation has contributed to the wider debate on when courts should permit carve‑outs from moratoriums and the broader implications this has for both creditors and debtor companies engaged in restructuring efforts. The episode also examines the recently introduced Restructuring and Insolvency Arbitration (RIA) Protocol, launched by the Singapore International Arbitration Centre (SIAC) in 2025. Designed specifically for disputes arising in restructuring, debt adjustment, or insolvency contexts, the Protocol aims to streamline arbitral procedures by shortening timelines and adapting standard SIAC Rules to the unique pressures of insolvency situations, where speed and efficiency may be crucial to preserving value. The conversation considers how this innovative framework may influence future practice, particularly in cases where arbitration and insolvency objectives intersect or potentially conflict.

This episode features a conversation with Sabrina Becue, a post-doctoral researcher at the University of São Paulo, and Eugenio Vaccari, Associate Professor at Royal Holloway, University of London. Both Sabrina and Eugenio are III NextGen members. The podcast explores the complex cross-border legal fallout of the Samarco dam collapse, bringing together Brazilian and UK perspectives on one of the most significant environmental and insolvency cases of the past decade. Our guests discuss how Brazil’s innovative yet controversial response—including the creation of Fundação Renova and the separation of environmental liabilities from Samarco’s judicial reorganisation—reshaped the role of insolvency law in mass-damage events. We also examine the parallel litigation in England, where more than 600,000 claimants pursued BHP’s parent companies, raising questions of jurisdiction, applicable law and parent-company liability. Through this conversation, the podcast highlights the interaction between environmental obligations, corporate governance, restructuring frameworks and access to justice across borders. The podcast is introduced by NextGen’s co-chair, Olya Antle of Cooley, and moderated by Francesca Burigo, Professor of Business Law at University eCampus in Italy. It was recorded in early February 2026, with information accurate at the time of recording.

This episode features a conversation with Alex Huang, a legal scholar and Global Academic Fellow at the Faculty of Law, the University of Hong Kong, and the winner of the Gold Medal for the III Prize in International Insolvency Studies in 2025. The Evergrande case illustrates the dynamics of the Chinese property market bubble, in which residential property came to be treated primarily as an investment asset, with many purchasers paying for homes before construction had even begun. This speculative confidence in ever rising housing prices collapsed in the mid2010s, exposing the vulnerabilities of highly leveraged developers such as Evergrande. While the parent company and its offshore subsidiaries have entered liquidation, the group’s property management arm remains outside insolvency proceedings. The podcast examines the effectiveness of early court orders made against Evergrande’s former chairperson and founder, and explains the absence of any consolidation of proceedings within mainland China, noting in particular why recognition of foreign insolvency processes would be inappropriate in this context. A central concern for both the Chinese government and local authorities is ensuring the completion of presold homes, and although the sector remains under pressure, there are signs of gradual stabilisation within the wider property market.-rising housing prices collapsed in the mid-2010s, exposing the vulnerabilities of highly leveraged developers such as Evergrande. While the parent company and its offshore subsidiaries have entered liquidation, the group’s property management arm remains outside insolvency proceedings. The podcast examines the effectiveness of early court orders made against Evergrande’s former chairperson and founder, and explains the absence of any consolidation of proceedings within mainland China, noting in particular why recognition of foreign insolvency processes would be inappropriate in this context. A central concern for both the Chinese government and local authorities is ensuring the completion of pre-sold homes, and although the sector remains under pressure, there are signs of gradual stabilisation within the wider property market. The podcast is introduced by NextGen’s co-chair, Gemma Bellfield of Ogier, and moderated by Dr. Eugenio Vaccari of Royal Holloway, University of London. It was recorded in early February 2026, with information accurate at the time of recording.

This episode features a conversation with Andrew Kissner and Kat Burke. Andrew is of counsel at Morrison Foerster, as well as a III NextGen member. He has represented debtors, ad hoc groups, official committees, and individual investors in large chapter 11 and chapter 15 filings. Kat recently set up her own law firm, Burke Legal. A III member, she is a Dublin-based cross-border restructuring and insolvency specialist qualified to provide strategic business rescue and enforcement advice across Ireland, England and Wales, the United States and the BVI, and currently serves as Chair of the CERIL delegation to UNCITRAL Working Group V. This episode unpacks the Fossil restructuring plan and its significance for cross‑border insolvency practice. The conversation explores how the plan offers an alternative pathway for resolving collective action problems, especially in light of U.S. constraints such as the absolute priority rule and the post‑Purdue uncertainty surrounding third‑party releases that has driven companies like Fossil to consider English restructuring plans. The speakers discuss the English courts’ approach to the “sufficient connection” test and examine renewed U.S. debate over introducing a new Chapter 16 procedure—a proposal aimed at creating a streamlined mechanism for bond restructurings, addressing limitations of the Trust Indenture Act, and potentially offering companies a more efficient alternative to Chapter 11 in cases like Fossil’s. The episode concludes with insights into how U.S. courts interpret the public‑policy exception when reviewing foreign restructuring outcomes, adding further nuance to the strategic forum choices companies now face. The podcast is introduced by NextGen’s co-chair, Olya Antle of Cooley, and moderated by Dr. Eugenio Vaccari of Royal Holloway, University of London. It was recorded in mid February 2026, with information accurate at the time of recording.

This episode features a conversation with Martha Wyrick, counsel in the Restructuring Practice Group in the Dallas office of Haynes Boone, and Eugenio Vaccari, Associate Professor at Royal Holloway, University of London. Both Martha and Eugenio are III NextGen members. The podcast examines the Protopapas litigation through both US and English lenses, exploring how cross‑border mass‑tort disputes challenge long‑standing principles of corporate separateness and jurisdiction. Our guests discuss the expanding use of South Carolina receiverships as a mechanism to pursue claims against foreign parent companies, the resulting jurisdictional tensions, and the broader implications for multinational groups facing legacy asbestos liabilities. From the United States’ more flexible approaches to enterprise and alter‑ego theories to the English courts’ strict adherence to Salomon and Adams v Cape, the conversation highlights how these contrasting legal frameworks shape parent‑company exposure, comity concerns, and the limits of using insolvency or procedural tools to manage complex global tort risks. The podcast is introduced by NextGen’s co-chair, Gemma Bellfield of Ogier, and moderated by Francesca Burigo, Professor of Business Law at University eCampus in Italy. It was recorded in early February 2026, with information accurate at the time of recording.

This episode features a conversation with Roberto Villaseca, III NextGen Member, Partner of Carey LL.P. and Civil Law professor at Pontificia Universidad Católica de Chile. In this episode, Roberto offers a detailed and candid analysis of Chile’s 2023 MSME insolvency reform, emphasising that while the new simplified reorganisation and liquidation procedures reduce costs and accelerate timelines, they have not yet shifted the deeper structural barriers that keep small businesses from using restructuring tools effectively. He explains that the elimination of audits, mandatory creditors’ meetings and certain liquidation steps, along with digital‑first processes and a roster of lower‑cost Veedores, has created a more accessible procedural framework, yet uptake for reorganisation remains strikingly low due to the continued absence of workable financing options and the dominance of banks in Chile’s credit market. Roberto discusses the limited scope of discharge, the challenges posed by regulatory gaps, the judiciary’s emerging reluctance to accept asset‑poor cases, and tensions around excluded debts such as state‑guaranteed student loans. Reflecting on lessons for other jurisdictions, Roberto stresses that procedural streamlining alone cannot transform outcomes: policymakers must address the economic realities confronting small businesses by ensuring access to financing and covering unavoidable administrative expenses. As he succinctly puts it, “regimes for struggling entrepreneurs must change the market dynamics — it’s not simply about procedures”. The podcast is introduced by NextGen’s co-chair, Olya Antle of Cooley, and moderated by ⁠Dr. Eugenio Vaccari⁠ of Royal Holloway, University of London. It was recorded in early March 2026, with information accurate at the time of recording.

This episode features a conversation with Daniel Liu, III Member and Partner in the Restructuring & Insolvency and Special Situations Advisory Practices of Wong Partnership. Singapore’s simplified insolvency programme for micro and small enterprises (MSEs), introduced in the wake of the COVID‑19 pandemic, aims to facilitate the restructuring of liabilities and business operations through a cost‑effective and streamlined process. Court involvement is intentionally minimal, with insolvency practitioners expected to work for very modest fees, and the procedure focuses on negotiations with a specific group of creditors—mainly suppliers and financial institutions, with tax authorities rarely part of these discussions. In practice, the process often leads to schemes of arrangement or operational turnarounds that provide additional time for debt repayment, although banks have generally been reluctant to cooperate. The regime also presents practical challenges where businesses are owned by foreign entrepreneurs with limited English proficiency, as language barriers can hinder engagement with the process. Since its introduction, the rules have been amended several times, and further reforms are anticipated, including a likely increase to the eligibility thresholds for companies seeking to participate. The podcast is introduced by NextGen’s co-chair, Gemma Bellfield of Ogier, and moderated by Dr. Eugenio Vaccari of Royal Holloway, University of London. It was recorded in early February 2026, with information accurate at the time of recording.

This episode features a conversation with Kotaro Fuji, Partnerat Nishimura & Asahi in Tokyo, on the Japanese law and practice around the restructuring of SMEs. Japan’s approach to SME restructuring differs from other jurisdictions that have created SME-specific statutory restructuring regimes. Japan does not have an SME-specific insolvency or restructuring statute. Instead, what Japan has is legally non-binding guidelines and procedural practices standardized for SME restructuring. During the podcast, Kotaro describesthe operation of the SME Revitalization Councils, as well as the introduction of the SME Turnaround Guidelines (2022) and the treatment of new finance and personal guarantees in these proceedings. The podcast concludes with an assessment of the recently enacted and soon-to-be-implemented Early-Stage Business Restructuring Act. The podcast is introduced by NextGen’s co-chair, Olya Antle of Cooley LLP, and moderated by Dr. Eugenio Vaccari of Royal Holloway, University of London. It was recorded in early December 2025, with information accurate at the time of recording.

This episode features a conversation with Harry Lawless, a III NextGen member and Senior Associate at Norton Rose Fulbright Australia. The discussion explores the distinctive features of the Australian corporate framework for MSEs in financial distress. Harry explains the eligibility requirements, examines the advantages and limitations of the short moratorium regime and the types of creditors to which it applies, and outlines why the legislator adopted a debtor-in-possession (DIP) model despite Australia’s traditional preference for a practitioner-in-possession (PIP) approach. He also discusses the supervisory role of the restructuring advisor, who must be a qualified insolvency practitioner. The episode concludes with reflections on the framework’s success rate—initially slow but increasing markedly since 2023—and on the continuing need for reform.

This episode features a conversation with José Carles, a III member, a Spanish lawyer, chartered economist, and court-appointed insolvency practitioner, as well as co-founder of the legal boutique CARLES | CUESTA, on the recent reforms to the Spanish’s insolvency framework for MSEs. The discussion highlights the peculiarities of the Spanish corporate framework, and the innovations introduced by the new law. During the conversation, José highlights the controversies surrounding the introduction of the new system, and particularly the lack of any involvement from insolvency practitioners. He also discusses the difficulties in using the new digital platform created for MSE insolvencies, but also mentions some of the benefits associated with the Spanish simplified liquidation and restructuring framework.

This episode features a conversation with Ishana Tripathi, a III NextGen member affiliated with SAM & Co., where she is Director of Research & Innovation, and Adjunct Professor at both NALSAR University of Law and Jindal Global Law School in India, on the recent reforms to Indian’s insolvency law. The discussion highlights the peculiarities of the Indian corporate and insolvency regime. During the conversation, Ishana highlights the role that pre-packaged reorganisations play in ensuring the success of MSE reorganisation. Reference is also made to the challenges raised by the COVID-19 pandemic, the difficulties arising from the implementation of the Indian Bankruptcy Code, as well as the areas (such as individual bankruptcy) where further reforms are desirable. The interview also highlights the drive towards digitalisation of the Indian insolvency framework, and the peculiarities of the Indian lending market, especially for MSEs.

This episode features a conversation with Lee Jun Yee, Partner at Allen & Gledhill in Myanmar, on the recent reforms to Myanmar’s insolvency law. The discussion highlights the enhanced role of mediators and the adoption of the UNCITRAL Model Law on Cross-Border Insolvency, before turning to the specific implications for micro and small enterprises (MSEs). The episode explores the options now available to both incorporated and unincorporated entities, the progress towards digitalisation, and the evolving role of courts and judges in supporting this transformation. Other key topics include the treatment of interim finance and the discharge process for individuals and companies. The conversation concludes with reflections on how the COVID-19 pandemic and the country’s recent political turmoil have delayed implementation, and what steps are necessary to ensure the effectiveness of the new framework.