SINGAPORE, Aug. 2, 2024 /PRNewswire/ — 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.
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SOURCE Supreme Court of Singapore
