Hot off the press: Bermuda is the first of the Offshore jurisdictions to implement the JIN Guidelines.
Impressive professional, judicial and regulatory cooperation has led to the swift implementation of the Guidelines, by way of a Practice Direction. The swift implementation is a significant show of support and shows the jurisdiction’s willingness to engage with cutting edge case management techniques. In October 2016, the Guidelines were commended by Harneys to all three of the Offshore jurisdictions: Bermuda, Cayman Islands and the BVI. Will the other jurisdictions catch up? The JIN Guidelines are to be commended as providing a framework of best practice to enhance key aspects of communication and cooperation among courts, insolvency representatives, and liquidation/restructuring stakeholders. The ultimate result will be to drive efficiency and transparency into cross-border insolvency proceedings which in turn will reduce costs for the parties.
Importantly, the Guidelines are not proposed to be implemented as a code which must be obsequiously followed. Rather they will be introduced as practice directions or commercial guides, thereby retaining sufficient flexibility to allow tailoring to the facts of any given fact scenario. The Guidelines, with some modifications have been formally adopted in Delaware, through rule 9029-2 of the new local rules for the United States Bankruptcy Court for the District of Delaware, and Singapore by way of a Registrar’s Circular, published on the Singapore Supreme Court website.