Manama, June 5 (BNA): The Supreme Judicial Council has adopted guidelines on communication and cooperation between courts in matters related to cross-border insolvency, which were issued by the Judicial Insolvency Network (JIN).
This comes within the framework of strengthening coordination and cooperation mechanisms 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 cooperation between courts, insolvency representatives and other parties involved in cross-border insolvency proceedings, including holding joint hearings. Their primary goal is to preserve the value of assets and reduce the legal costs associated with the proceedings.
The Judicial Insolvency Network released a set of guidelines titled “Guidelines for Communication and Cooperation between Courts in Cross-Border Insolvency Matters” during its conference held in Singapore in October 2016. The guidelines were awarded the “Most Comprehensive Development” award at the 2017 GRR Awards.
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