SINGAPORE, Aug. 1, 2024
/CNW/ -- Formed in October 2016, the
Judicial Insolvency Network (JIN) is a network of insolvency judges
from across the world. It serves as a platform for sustained and
continuous engagement for the furtherance of the following
objectives: to provide judicial thought leadership, develop best
practices and facilitate communication and cooperation amongst
national courts in cross-border insolvency and restructuring
matters.
JIN comprises insolvency judges from Australia, Bermuda, the British
Virgin Islands, Canada, the
Cayman Islands, England and Wales, Japan,
Singapore, South Korea and the
United States. The members from the Singapore Courts are two
of the founding members, Justice Kannan
Ramesh and Justice Aedit Abdullah.
The 5th Conference was held in Singapore on 12 and 13 June and was hosted by
the Supreme Court of Singapore.
The 5th Conference also saw a record attendance of 32
participants.
Since the inaugural meeting of the JIN in Singapore in October
2016, the network has continued to promote the adoption of
the JIN Guidelines to address the key aspects of and the modalities
for communication and cooperation amongst courts, insolvency
representatives and other parties involved in cross-border
insolvency proceedings. The overarching aim of the JIN Guidelines
was the preservation of enterprise value and the reduction of legal
costs. To date, 18 jurisdictions around the world have adopted the
JIN Guidelines.
The JIN recognised that some judges may prefer, as a prelude to
JIN membership, to first observe and experience the JIN's
deliberations. Adoption of the JIN Guidelines is not a prerequisite
to membership in the JIN and, conversely, a court which does not
have representation in the JIN may also adopt the JIN Guidelines.
It is in this context that the JIN had worked towards and obtained
the attendance of Bahrain,
China, India, the
Netherlands and a number of South-east Asian courts, and
that the presence of Brunei,
Indonesia, Malaysia, the
Philippines and Thailand
signalled a strong foundation for the development of judicial
cooperation in cross-border insolvency and restructuring matters in
the region.
There were a number of topics discussed that were central to the
theme of cross-border insolvency and restructuring, such as a
survey of landmark international insolvency judgments in the past
three years, focusing on matters that have invoked the JIN
Guidelines and Modalities.
Visit News and speeches (judiciary.gov.sg) for more details.
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SOURCE Supreme Court of Singapore