Media Release: Judicial Insolvency Network held its 5th Conference in Singapore on 12 and 13 June 2024

MEDIA RELEASE

Judicial Insolvency Network held its 5^th Conference in Singapore on 12 and 13 June 2024

       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.

2.     The 5^th 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. Please refer to Annex A for the list of JIN members and observers who participated in the 5^th Conference.

3.     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.

4.     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.

5.     The members and observers at the 5^th Conference noted the key role that Chief Justice Geoffrey Morawetz of the Superior Court of Justice (Ontario) and Chairperson of JIN played in the success of the 5^th Conference. There were a number of topics discussed that were central to the theme of cross-border insolvency and restructuring, and these included:

1. Survey of landmark international insolvency judgments in the past three years, focusing on matters that have invoked the JIN Guidelines and Modalities⁽¹⁾.
2. Recent developments in the use of mediation in insolvency matters.
3. Ship arrests in the context of insolvency.
4. Insolvency and digital assets.
5. Recognition of foreign insolvency proceedings.

6.     In returning to the objectives of the JIN to provide judicial thought leadership, develop best practices and facilitate communication and cooperation, the 5^th Conference underscored the deep commitment of its members to maintain the work and momentum of JIN. The network occupies a central space in cross-border insolvency and restructuring matters, and more jurisdictions would benefit by observing its deliberations and becoming a part of its community.

Issued by: SG Courts
1 August 2024

About SG Courts

The Singapore Courts - comprising the Supreme Court, State Courts and Family Justice Courts - is one of the three constitutional pillars of government in Singapore. Known collectively as SG Courts, we are integrated and coordinated to serve as one judiciary. As an organ of state, the judiciary’s function is to independently administer justice. Headed by the Chief Justice, we are a forward-looking, innovative and trusted judiciary. Built on judicial professionalism and transparency, we maintain the highest standards of integrity in safeguarding our community. We pledge to ensure equal and continuous access to justice, and we are committed to deliver justice that is fair and impartial.

About the Judicial Insolvency Network

The Judicial Insolvency Network or JIN is committed to achieving a greater understanding of different legal systems. In the pursuit of that objective, the JIN will progressively increase its membership to ensure that different legal systems and traditions are represented within its fold. It is hoped that this deeper understanding will eventually foster more effective communication and cooperation and a convergence in judicial thinking and philosophies in cross-border insolvency and restructuring matters. The JIN believes that this is important in today’s globalised economy.

Annex A - Confrence Participants

A. Members

B. Observers

(1)      To view the JIN Guidelines and Modalities, please refer to https://www.jin-global.org/jin-guidelines.html and https://www.jin-global.org/modalities.html