Judges from 10 different jurisdictions recently met in Singapore for a Judicial Insolvency Network (JIN) conference, to discuss cooperation in cross-border insolvency matters.
The conference concluded with the preparation of draft guidelines for consideration in the judges’ respective jurisdictions.
The judges were from Australia (Federal Court and New South Wales), the British Virgin Islands, Canada (Ontario), the Cayman Islands, England & Wales, Hong Kong SAR (as an observer), Singapore, and the United States of America (Delaware and Southern District of New York).
The draft guidelines address key aspects of communication and cooperation among courts, insolvency representatives, and other parties involved in cross-border insolvency proceedings.
The draft guidelines are intended to facilitate communication and cooperation, including providing for joint hearings. This would potentially benefit relevant stakeholders by reducing legal costs and preserving the value of financially distressed businesses.
JIN provides a platform for sustained and continuous engagement among judges from various insolvency courts.
While judges from Bermuda, South Korea and Japan were not present at the conference, their judiciaries have requested to be kept abreast on the discussions and outcome of the conference.