The Supreme Judicial Council (SJC) has adopted guidelines regarding 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 enhancing mechanisms for coordination and cooperation 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 fundamental goal is to preserve asset value and reduce legal costs associated with proceedings.
The Judicial Insolvency Network issued 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. These guidelines received the "Most Important Overall Development" award at the 2017 GRR Awards ceremony.
Source: Bahrain News Agency