ALI’s Work Provides Guidance in Drafting of Cross-Border Insolvency Protocols
The ALI and International Insolvency Institute (ALI-III) Global Guidelines for Court-to-Court Communications in International Insolvency Cases (2012) play a prominent role in a cross-border airline restructuring. In the ongoing restructuring of the LATAM Airlines group, a cross-border insolvency protocol has been approved by the Grand Court of the Cayman Islands in July 2020.
The protocol should enable direct court-to-court communication between the courts in the US (New York), Chile, Columbia and the Cayman Islands. The idea for approval of the protocol on court-to-court cooperation and communication was raised by the Chilean court.
It was the first time for the Grand Court of the Cayman Islands to review the jurisdictional basis for entering into the protocol. When doing so Kawaley J identifies as an emerging source of soft law the ALI-III Global Guidelines for Court-to-Court Communications in International Insolvency Cases (2012). In its approval of the protocol they play a prominent role.
Bob Wessels of the University of Leiden acted as co-author of these guidelines.
Learn more here.
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