The Supreme Judicial Council has adopted guidelines regarding communication and co-operation between courts in matters related to cross-border insolvency, which were issued by the Judicial Insolvency Network (JIN).
This comes within the framework of enhancing mechanisms for co-ordination and co-operation between judicial bodies at the international level in matters related to cross-border insolvency.
The JIN guidelines address key aspects and mechanisms of communication and co-operation between courts, insolvency representatives, and other parties involved in cross-border insolvency proceedings, including holding joint hearings. Their fundamental goal is to preserve asset value and reduce legal costs associated with proceedings.
The JIN issued a set of guidelines titled “Guidelines for Communication and Co-operation between Courts in Cross-Border Insolvency Matters” during its conference held in Singapore in October 2016. These guidelines received the “Most Important Overall Development” award at the 2017 GRR Awards ceremony.
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