On 23 April 2019, Asian Principles of Business Restructuring, a joint project by the Asian Business Law Institute and the International Insolvency Institute was mentioned in an article by Stephen Brogan published on The Asset.com. Mr Brogan is the Managing Partner of US-based international law firm, Jones Day.
In the article, titled “The need for ASEAN to reform its insolvency and restructuring law“, Mr Brogan discusses how capital sits idle waiting for further convergence of the laws in ASEAN on business reorganization. Such capital if deployed, Mr Brogan, writes could “ultimately impact the well-being of millions.”
Achieving convergence through legislation is, however, a slow and uncertain process. Even without legislation, members of the judiciary can foster increased interaction, communication, and coordination between courts in these matters. The Judicial Insolvency Network (JIN) — created in 2016 by judges from the United States, Singapore, England and Wales, and Australia and others — is pursuing these ends.
Additionally, the legal community is working to identify common principles across jurisdictions and different systems that can be applied in insolvency proceedings. The Asian Business Law Institute and the International Insolvency Institute have launched such a project, the Asian Principles of Business Restructuring.
While much work remains, the international legal community has made a promising start to the vexing problems of multi-jurisdictional insolvencies.
Jones Day is one of ABLI’s Founding Partners and an advocate for further convergence in the region.