Insolvency judges from 10 jurisdictions met in Singapore recently at an inaugural conference to discuss cooperation in cross-border insolvency matters. The judges were from Australia, the British Virgin Islands, Canada, the Cayman Islands, Britain, Hong Kong (as an observer), Singapore and the United States.
The Judicial Insolvency Network (JIN) conference ended yesterday with the preparation of draft guidelines for consideration in the judges' respective jurisdictions.
These draft guidelines address key aspects of communication and cooperation among courts, insolvency representatives, and other parties involved in cross-border insolvency proceedings.
This would benefit relevant stakeholders by reducing legal costs and preserving the value of financially distressed businesses.
With globalisation and the shift in how corporations conduct their businesses and organise themselves, it is hoped that more jurisdictions will participate in JIN to develop best practices in the adjudication of cross-border insolvencies, Singapore's Supreme Court said in a statement yesterday.
While judges from Bermuda, South Korea and Japan were not present at the conference, their judiciaries requested to be kept abreast of the discussions.
The JIN is a platform for judges to share experiences, exchange ideas, identify areas for judicial cooperation and develop best practices.
The JIN conferences will take place every two years in various jurisdictions.
