In October 2016, Judges from 10 different jurisdictions met in Singapore for the inaugural Judicial Insolvency Network Conference.
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).
High on the agenda of the esteemed conference participants was the preparation of Draft Guidelines to provide practical assistance for Judges and insolvency practitioners alike in dealing with difficult issues which cross-border insolvencies and restructurings commonly face.
The Draft 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 Draft Guidelines, once settled, 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.
As thought leaders in the development of offshore jurisprudence in the field of restructuring and insolvency for the past two decades, Harneys will be working closely with the Judiciary and sub-committees, as appropriate, in each of Bermuda, the BVI and Cayman to prepare working drafts and consultation papers in relation to the Draft Guidelines. Harneys supports implementation in each jurisdiction.
If you wish to participate in the consultation in relation to the Draft Guidelines and its implementation in your local jurisdiction or generally, please contact: Ian Mann, Chai Ridgers (Harneys, Hong Kong), Andrew Thorp (Harneys, BVI), Jessica Williams (Harneys, Cayman), or Jayson Wood (Harneys, Bermuda).