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Articles

Legal analysis by Harneys lawyers

Judges lead the way on cross-border insolvency initiatives

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Publication Date:
1 February 2017



The last decade has exposed the bankruptcy courts across the globe to a large volume of international work, and with that experience in mind, the Judicial Insolvency Network (JIN) held its inaugural meeting in Singapore in late 2016, as outlined in our previous update. The meeting was intended to formulate a set of guidelines (the Guidelines) that would promote cooperation between Courts. Sitting alongside common law and legislative cross-border provisions, the Guidelines are a practical code to enhance some of the most successful cross-border initiatives of recent years.

Judges from key jurisdictions for international insolvency matters participated: Australia (Federal and New South Wales), British Virgin Islands, Canada (Ontario), the Cayman Islands, England & Wales, Hong Kong SAR (as observer), Singapore, and the USA (Delaware and the SDNY).

The meeting was a great success and the Guidelines are being considered in respective jurisdictions for implementation. While the Guidelines may not end turf wars between appointees, they are likely to bring such disputes before the Courts at an earlier stage and that alone may well promote the culture of cooperation envisaged by the drafters.

 

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