With major firms having a footprint all over the world, there is a need for a common court framework that makes tackling cross- border insolvency matters more efficient and less expensive.
The first step was taken yesterday, with the Singapore Supreme Court and US Bankruptcy Court for the District of Delaware adopting guidelines for cost-cutting co-operation and communication.
Delaware is historically the most popular state in the United States to incorporate companies.
More countries, including Australia, and England and Wales, are expected to join in the pioneering move. They were all represented at the inaugural Judicial Insolvency Network (JIN) meeting initiated by Singapore last October.
The guidelines released by th…
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