Who’s Who Legal publishes an article discussing the Hon Justice Kannan RAMESH’s speech at GRR Live from September 2018 where his Honour referred to the Asian Principles of Business Restructuring project being undertaken by the International Insolvency Institute and ABLI.
As a final point, the judge noted that while synthetic proceedings can be an alternative to actual secondary proceedings in some cases, they cannot completely replace them “in the current state of affairs”. Only with greater harmonisation of global insolvency and priority rules would the need for secondary proceedings disappear.
In Asia, harmonisation efforts have already begun in a joint project by the International Insolvency Institute (III) and the Asian Business Law Institute, Justice Ramesh explained. The Asian Principles of Restructuring Project will map the existing legal regimes in the ASEAN region and key Asian economies, and formulate a set of restructuring principles for Asia.