International Insolvency Institute

Procedures for the Funding of Projects

The International Insolvency Institute is a not-for-profit organization that aims to promote international cooperation and coordination in insolvency and reorganization. In light of this, the III supports exceptionally worthy projects, undertaken by experts in the field of insolvency and business rescue, with an international component. These procedures set forth the framework for the consideration and funding of projects by the III.

Applications for funding of a project should be submitted following the instructions and using the template as set forth below. The III reserves the right not to consider any application that does not follow these requirements.

Applications may be submitted by one or more individuals, and those individuals may, but need not, be III members. Applications may also be submitted by organizations.

Applications may be submitted at any time. Absent extraordinary circumstances, applications will be considered by the Projects Committee twice a year. 

• To be considered in the Fall, proposals should be submitted on or before November 1, 2024. 
• To be considered in the Spring, they should be submitted before May 2, 2025.

 

Pursuant to the objectives of the organization, successful projects should have an international component.

This means that the projects should refer to the international dimension of insolvency – cross border issues, comparative issues, international standards, regional systems, and similar matters – or concern at least two or more jurisdictions.

Successful projects may be research or educational projects. 

• Research projects are those with a predominant original research component, aiming to advance the state of the art or to work towards law reform.
• Educational projects are those that, although essentially descriptive in nature, provide a useful tool to the legal community, as well as those that contribute to the capacity-building of the institutions and professionals engaged in insolvency and the resolution of creditors’ rights.

A successful project should address at least one of the following topics, or a substantially similar or related topic:

• Cross-border insolvency, including jurisdiction, applicable law, institutional structure and setting;
• Substantive and procedural insolvency law, including due process, commencement of an insolvency proceeding, governance, administration, clams and claim resolution procedures, reorganization, liquidation, and corporate groups;
• Insolvency and micro, small and midsize (“MSME”) enterprises;
• Insolvency and alternative dispute resolution mechanisms, including arbitration, mediation, and conciliation;
• Secured transactions and insolvency;
• Insolvency of banks, insurance companies, and systemically important financial institutions and entities; and
• Sovereign and public sector insolvency.
   

Projects will be evaluated pursuant to the following rubric:

• Consistency with the goals of the organization;
• Theoretical and practical relevance;
• Timeliness of the topic; and
• Qualifications and experience of the applicants. 

 Project Proposal and Recommendation

• Applications must be submitted to the III Administrative Director.
• The Administrative Director will review the application for compliance with the instructions. If the application is in compliance, the Administrative Director will forward it to the Projects Committee.
• The Projects Committee will review and prepare a report on each application and may recommend that it be approved for funding, approved subject to amendment, or rejected.
  • The Projects Committee will also recommend the amount to be funded and any other appropriate qualification or condition.
  • Where appropriate, for example where the amounts requested are in excess of $10,000 USD, the time to complete the project exceeds one year, an external peer review by may be requested by the Projects Committee by an appropriate specialist.
• The report of the Project Committee will be submitted to the III board of directors for approval.
• The III board of directors will review the reports of the Projects Committee and make a final decision based on the report of the Projects Committee and any assessments provided to the Projects Committee by other III Committees.
  • The III board of directors may also confer with the Chair of the Projects Committee, who shall attend the board meeting and be available for questions.
  • The decision of the board on an application will be by simple majority vote in accordance with the III Articles of Association, and may set forth parameters for the project, including the amount of funding, the timetable for the project the disbursement of funds, and appropriate milestones.
  • Where appropriate, funding may be disbursed in tranches, and interim reporting, monitoring, and control mechanisms may be established.
• The III and the successful applicant will enter into Terms of Reference.
  • The Terms of Reference will address acknowledgment of III's role in supporting the project, the terms of any anticipated publication and copyright, and other similar matters. While these will be determined on a case-by-case basis, it is anticipated that every project funded by III will recognize III's role in an appropriate.
• The successful applicant will carry out the project in accordance with the Terms of Reference and will report and render account periodically on the progress of the project to the Projects Committee.
  • The frequency of these reports will be set forth in the Terms of Reference but shall not be less than once per year.
• Within 45 days of the completion of the project, the applicant will provide a detailed report to the III Administrative Director including:
  • A description of the achievements of the project;
  • The extent to which the objectives of the project have been achieved
  • A detailed accounting of the use made of the funds awarded and documentation of significant expenses;
  • Any other documentation appropriate to the project, including annotating any that can be included on the website under the project; and
  • Where and how payment should be made for the support of the project on an invoice or pro forma invoice with receipts, if applicable.

 

Estimated costs allocated to individual components are indicative and may be reallocated by the Implementing Agency based on need.

 

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