Cases such as FTX’s collapse and Garuda’s restructuring highlight the need for judicial coordination across jurisdictions
[SINGAPORE] The supreme courts of Singapore and Indonesia have signed a memorandum of understanding (MOU) that, for the first time, gives judges in both countries a formal channel for coordinating on the same insolvency or restructuring case.
This reduces the risk of inconsistent outcomes, fragmentation of the insolvency process, poor recoveries, inefficiency and wastage of costs, said Kannan Ramesh, insolvency judge and judge of the Appellate Division of the Supreme Court of Singapore.
The MOU, signed on Mar 30 on the sidelines of a judicial workshop in Bali, goes beyond existing international frameworks by…