The William S. Richardson School of Law hosted the 5th annual Business Boot Camp (BBC V). Students attended ten sessions over two days to learn about business law, and the business of law, from a new high of 31 presenters, including academics and legal, financial, and business professionals. BBC V introduced basic financial and business concepts, laid the groundwork for Richardson’s commercial and business law courses, and improved students’ financial literacy. This year, IAPBL was especially pleased to offer BBC V to Richardson’s new Online JD Flex program students as well. Overall, 32 students attended in person on the first day and 21 on the second day and another 51 joined online on the first day and 38 on the second day.

Business Boot Camp is an initiative promoted by Dean Camille Nelson. Prof. Charles D. Booth, Director of the co-sponsoring Institute of Asian-Pacific Business Law (IAPBL), led the organization of the Boot Camp, assisted by Prof. Miyoko Pettit-Toledo and Prof. Garrett I. Halydier ’15, Deputy Director of IAPBL and visiting from Ohio Northern University Pettit College of Law, where he now teaches. Prof. Pettit-Toledo provided extensive administrative planning and fundraising support. Professors Booth and Halydier hosted and moderated the non-panel sessions, and Professors Pettit-Toledo and Halydier each moderated a professional panel.

Dean Nelson kicked off BBC V by welcoming students and emphasizing the importance of business law for legal practice and the value of the BBC for students, no matter what area of law they intend to practice. Even students interested in non-profits need to understand balance sheets!

Prof. Booth introduced basic financial concepts and discussed how students can develop financial and business literacy and basic commercial skill sets.

Dean Nicholas A. Mirkay and Prof. Justin D. Levinson discussed basic taxation and basic business association concepts that lawyers should consider when advising new businesses.

Prof. Emile Loza de Siles and Mr. Matthew Stubenberg discussed AI issues that lawyers must be aware of and may expect to address in their business or government law careers. Attorneys have vital strategic, advocacy, and advising roles in responsible AI development, procurement, use, and compliance. This session covered these opportunities and challenges and introduced students to some of the most popular AI legal tech tools on the market.

The Honorable Robert J. Faris provided interactive presentations about credit card debt and financial literacy, and was joined by Prof. Booth to discuss basic bankruptcy concepts under Chapters 7, 11, and 13 of the US Bankruptcy Code; the effect of COVID-19 on filing rates; and difficulties of discharging student loans in bankruptcy.

Prof. Booth provided an overview of the business law curriculum and introduced the Richardson Business Law professors – Alina Ng Boyte, Eduardo Capulong, Richard C. Chen, The Honorable Robert J. Faris, Mark A. Levin, Justin D. Levinson, Emile Loza de Siles, Miyoko Pettit-Toledo, Melissa Stewart, Richard Wallsgrove, Dean Mirkay and Mr. Matthew Stubenberg, who talked about their business experiences and research interests and previewed their upcoming business classes. Prof. Brian Huffman previewed the library’s business law resources and Richardson’s Bloomberg subscription and relevant cutting-edge AI resources.

Prof. Pettit-Toledo moderated the Business of Law Panel. Panelists included: Ms. Sherry Broder (Sherry P. Broder, A Law Corporation); Mr. Alex Chun (Associate General Counsel, Hawai‘i Gas); Ms. Lea Hong (Vice-President & Hawaiian Islands State Director, Trust for Public Land); Mr. Jordan Inafuku (McCorriston Miller Mukai MacKinnon LLP); Ms. Lauren Kagawa (Starn O’Toole Marcus & Fisher); Mr. William Kaneko (Dentons US LLP);and Mr. Ted N. Pettit (Pettit Law Hawai‘i LLLC). The panel discussed the business of law: How firms operate and grow, what makes a good associate, legal jobs beyond the law firm (like compliance work), and the importance of business law for public interest work.

Ms. Lauren Sharkey & Prof.  Halydier showed students how to read balance sheets, cash flow statements, and financial statements.

Ms. Andrea K. Ushijima ’13 and Mr. Tod Tanaka discussed commercial real estate acquisitions and financing from the perspective of the acquiring borrower and lenders. They reviewed the process involved in the acquisition of a property for development into a mixed-use condominium project and the financing of the property acquisition and construction of the project.

Prof.  Halydier moderated the Corporate Counsel – Inside and Out Panel, with guests Ms. Nicole Kalajian (Rimon Law); Ms. Tracey Lesetar-Smith (TLSK Advisory); Mr. Brandon H.P. Lin (SPQ Asia Capital); Prof. Rob Robinson (Shidler College of Business; Hawaii Angels); and Mr. Eric M. Van Horn (Spencer Fane LLP). The panel helped law students better appreciate the broader business context of legal decision-making, the role of lawyers in advising corporations on complex transactions, and some of the crunchier details of investment finance. These topics are valuable for lawyers who will interact with businesses in the course of practice, whether during corporate representation, civil litigation, non-profit management, or government regulatory work.

On Friday night, the students, speakers, and guests networked at a Pau Hana. Special thanks to Prof. Victoria Szymczak, Lynette Rudolfo and the William S. Richardson School of Law Library for hosting.

The event would not have been possible without the event organization expertise of Richardson’s Events Office: Anne Sumangil and Lauren Masquida. Thank you also to Melissa Korta, Director of Special Projects, who arranged parking for speakers and to the administrative and event support of law school staff members Kevin Nguyen and Keiralyn Pease. Special thank you to Director Kari Carolan for facilitating the inclusion of Richardson’s new Online JD Flex program participants.

Another special thank you to IAPBL business law student Anthony Caliano ’26 for his assistance before and throughout BBC V and to law student John Park ’27, who assisted Anthony.

Thank you to our vendors: Holoholo Grill, Cafe 1132, Da Spot, and Stortos Subs.

A final special thank you to our sponsors is also in order. Business Boot Camp V was only a success due to their generous support. Thank you! 

• Cades Shutte, LLLP
• Lea Hong, Hawaiian Trust for Public Land
• Pettit Law Hawaii
• Sherry P. Broder, Esq.
• Dentons
• Rimon Law
• Starn O’Toole Marcus & Fisher, A Law Corporation
• Case Lombardi, A Law Corporation
• Spencer Fane

Speaker Bios and the full program are available here:

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Prof. Bishara provided an overview of corporate governance documents, structures, the role of general counsel in corporate governance and common legal issues. The class also gave students an opportunity to apply their legal and business knowledge to sort out a couple of public policy and ethical dilemmas to give a flavor of some things they might encounter in their careers.

The class used Hawaiian Airlines as the subject for discussion and through-line for examples of topics in ethics, public advocacy, and governance — wrapping up with Prof. Bishara’s specific experiences working in the area of restrictive covenants. He discussed how corporate attorney’s interact with their clients, legislatures, and regulators to not only apply the law, but to influence its creation and interpretation.

Professor Bishara earned his JD from Cornell University and subsequently spent three years in private practice in New York before pursuing a Master’s in Public Policy with a focus on legal reform and international development from the University of Michigan. After obtaining his MPP, Professor Bishara began his teaching career at the Ross School of Business, where he is now an Associate Professor of Business Law and Ethics. bIn his role as a professor, he teaches courses including “Business and Public Policy” and “Ethics of Corporate Management.” Professor Bishara’s research covers topics such as corporate governance, corruption as a constraint on business activity, and the impact of non-compete agreements on employee mobility. He has also been involved in international legal reform and business ethics, particularly in the Middle East. His extensive research has been featured in notable publications such as the Vanderbilt Law Review, Indiana Law Journal, and the Journal of Law and Economics. In addition to his academic work, Professor Bishara is currently a staff editor of the American Business Law Journal.

You can learn more about Prof. Bishara at: https://graham.umich.edu/users/nbishara

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Prof. Nydia Remolina

Assistant Professor of Law at the Singapore Management University Yong Pung How School of Law, Fintech Track Lead and Head of Industry Relations at the SMU Centre for AI and Data Governance

Prof. Loza de Silas

Assistant Professor of Law at William S. Richardson School of Law; IEEE-USA Artificial Intelligence Policy Committee; IEEE P2863 Working Group on the Organizational Governance of Artificial Intelligence

The post Talk: “Should AI be regulated? And if so, how?” appeared first on Institute of Asian-Pacific Business Law.

Judge Robert J. Faris, Prof. Charles D. Booth

The post Bank Failures and Bankruptcies appeared first on Institute of Asian-Pacific Business Law.

A well-functioning insolvency system is essential for the competitiveness and growth of an economy. Yet, many countries in Asia and the Pacific still have inefficient insolvency frameworks. The lack of an attractive legal, market and institutional environment to deal with financial distress may hamper entrepreneurship, access to finance and economic growth. Additionally, a weak insolvency framework may increase the level of non-performing loans in the banking sector. If so, it can end up jeopardizing the stability of the financial system and even lead to sovereign debt issues. To address those problems while facilitating economic recovery in the post-pandemic world, this event will seek to analyze how countries in Asia and the Pacific can strengthen their insolvency and restructuring frameworks. To this end, the event will discuss modern trends and developments in corporate restructuring and insolvency and how an insolvency system should be designed or improved taking into account the legal, market and institutional features existing in a particular jurisdiction.

Topics discussed in the event included: (i) strategies to effectively promote workouts; (ii) design of hybrid procedures and formal insolvency proceedings; (iii) adoption of simplified insolvency frameworks for micro and small enterprises; (iv) implementation of rescue financing provisions; (v) directors’ duties and liability in the zone of insolvency; (vi) governance models of insolvency and restructuring proceedings; (vii) regulatory framework of insolvency practitioners; (viii) treatment of contracts in insolvency and restructuring proceedings; (ix) valuation of assets and ranking of claims in insolvency proceedings; (x) treatment of corporate groups in insolvency; (xi) personal insolvency; and (xii) cross-border insolvency. Additionally, all the panels will be encouraged to discuss market and institutional challenges and reforms that can make an insolvency regime more effective. While the event will provide lessons for the improvement of insolvency regimes in Asia Pacific, it will pay special attention to emerging economies in Asia and the Pacific currently considering the possibility of strengthening their insolvency frameworks.

Organizers: Asian Development Bank,Singapore Management University, Singapore Global Restructuring Initiative, University of Chicago Law School’s Center on Law and Finance, University of Cambridge’s Centre for Corporate and Commercial Law, INSOL International.

Prof. Charles Booth of the William S. Richardson School of Law discussed Avoidance Actions and Insolvency Frameworks for Individuals and Micro and Small Enterprises

Panel 7. Avoidance actions

Most insolvency jurisdictions include provisions that facilitate the avoidance of certain transactions entered into by a debtor prior to the commencement of an insolvency proceeding. These transactions seek to prevent or otherwise reverse transactions that can be detrimental for the creditors. Despite the benefits eventually created by these mechanisms, the use –and even existence– of avoidance actions is not costless. On the one hand, the initiation of these actions may generate litigation costs. On the other hand, the existence of avoidance provisions may harm predictability and legal certainty, especially in jurisdictions where it is relatively easy to avoid a transaction, usually because bad faith is not required, the lookback period for the avoidance of transactions is too long, or no financial conditions are required to avoid a transaction.  This panel will discuss how countries should design avoidance provisions taking into account the conflicting policy goals often existing in the design of avoidance actions as well as the particular features of a country.

Relevant readings:

• UNCITRAL (2004), Legislative Guide on Insolvency Law. New York.

• Jay Westbrook, Charles D. Booth, Christoph Paulus & Harry Rajak (2010), A Global View of Business Insolvency Systems (World Bank & Kluwer/Martinius), pp.  105-116.

• Rolef de Weijs (2011), Towards an Objective European Rule on Transaction Avoidance in Insolvencies, International Insolvency Review.

• Brook Gotberg (2014). Conflicting Preferences: Avoidance Proceedings in Bankruptcy Liquidation and Reorganization, 100 Iowa Law Review 51.

• Gerard McCormack, Andrew Keay, Sarah Brown and Judith Dahlgreen (2016), Study on a new approach to business failure and insolvency: Comparative legal analysis of the Member States’ relevant provisions and practices, pp. 137-183.

• Aurelio Gurrea-Martinez (2018), The Avoidance of Pre-bankruptcy Transactions: An Economic and Comparative Approach, 93 (3) Chicago Kent Law Review 711.

• Kristin van Zwieten (2018), Related Party Transactions in Insolvency, European Corporate Governance Institute (ECGI) – Law Working Paper No. 401/2018.

• Oriana Casasola (2020), The Harmonisation of Transaction Avoidance: A Compromise Solution, Norton Journal of Bankruptcy Law.

Panel 8. Insolvency frameworks for individuals and micro and small enterprises

 Micro and small enterprises (MSEs) represent the vast majority of businesses in most countries around the world. Despite the economic relevance of small businesses, most insolvency jurisdictions in Asia – and elsewhere– do not provide suitable insolvency frameworks for MSEs. This panel analyses how countries can adopt more attractive insolvency frameworks for small businesses. To that end, it will take into account the approaches that have been adopted by various jurisdictions, as well as the policy recommendations suggested by organisations such as the World Bank, UNCITRAL, and the International Insolvency Institute/Asian Business Law Institute. Moreover, it will discuss how these approaches and policy recommendations should be adjusted to different market and institutional environments. Lastly, this panel will discuss whether and, if so, under which conditions, countries should provide a discharge of debt for consumers and individual entrepreneurs.

Relevant readings:

• UNCITRAL (2021), Legislative Recommendations on Insolvency of Micro- and Small Enterprises.

• World Bank (2021), Principles for Effective Insolvency and Creditor/Debtor Regimes. Washington, D.C.

• Aurelio Gurrea-Martinez (2022), Guide on the Treatment of Insolvent Micro and Small Enterprises in Asia, Asian Business Law Institute and International Insolvency Institute. Singapore.

• Federico J. Díez, Romain Duval, Jiayue Fan, José Garrido, Sebnem  Kalemli-Özcan,  Chiara  Maggi,  Soledad  Martinez-Peria,  and  Nicola Pierri (2021), Insolvency Prospects Among Small and Medium Enterprises in Advanced Economies: Assessment and Policy Options. IMF Staff Discussion Notes 2021/002. 

• Jason Harris and Christopher Symes (2021), The chimera of restructuring reform: An opportunity missed for MSMEs in pt 5.3B, U. of Adelaide Law Research Paper No. 2021-48.

• Jason J. Kilborn (2021), Tightening Up Loose Credit and Loosening Up Tight Bankruptcy in Singapore: An Asian Paradigm For Personal Debt and Insolvency Reform.

• World Bank (2014), Report on the Treatment of the Insolvency of Natural Persons.  Washington, D.C.

• Jose Garrido, Sanaa Nadeem, Nagwa Riad, Chanda DeLong, Nadia Rendak, and Anjum Rosha (2020), Tackling Private Over-Indebtedness in Asia: Economic and Legal Aspects. IMF Working Paper. Washington, D.C. 

• Kenneth Ayotte (2007), Bankruptcy and Entrepreneurship: The Value of a Fresh Start, 23 (1) The Journal of Law, Economics, and Organization 161.

• John Armour and Douglas Cumming (2008), Bankruptcy Law and Entrepreneurship, 10 (2) American Law and Economics Review 303.

The full program for the conference can be found here:

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