Chief Justice appointed to global judicial forum

Cayman Islands Chief Justice Anthony Smellie has been appointed to serve on a committee of a world-wide federation of national associations for judges, accountants, lawyers and other professionals that specialises in corporate turnaround and insolvency. The organisation is also a global accrediting body for insolvency professionals. 

The Chief Justice’s appointment to INSOL International is for two years. He serves on the Judicial Steering Committee, which will report to the Executive Committee of INSOL International on the work of the Judicial Colloquia. 

Mr. Smellie said the Judicial Colloquia is a forum of INSOL in which issues of specific concern to its judicial membership and any other interested judges worldwide may be examined, resolved and advanced. One such issue is cross-border cooperation for the better resolution of corporate or personal insolvency matters.  

“The effective resolution of such matters by the judges can ensure that creditors, shareholders and even employees (depending on the context) will receive a fair outcome. Cross- border cooperation can often be a vital part of the equation for the protection and collection of assets for distribution or to allow for the ongoing operations of an insolvent entity that may be allowed to trade itself back to solvency under the protection of the court,” he said. 

He cited as examples such entities as General Motors and Fruit of the Loom (the latter a Cayman entity), which were allowed to continue in provisional liquidation until able to redeem their positions.  

“Many jobs were saved and creditors paid off,” he said. 

Mr. Smellie’s appointment, effective 26 January, follows his address last year to the Ninth Multinational Judicial Colloquium, attended by some 80 judges drawn from 40 countries, and by a large number of insolvency professionals from around the globe. He spoke about Cayman’s emphasis on adherence to international standards for resolving cross-border insolvency problems, and its cooperative thrust in that regard.  

The judicial colloquium was part of a larger conference taking place in Singapore and jointly organised by INSOL, the United Nations Commission on International Trade Law and the World Bank.  

The full UNCITRAL/INSOL/World Bank conference was attended by a large corps of insolvency professionals, for whom these activities form part of a wider programme of continuing education.  

Chief Justice Smellie commenced his new judicial steering committee role when he joined his colleagues from around the world for a conference call with other organisers on the next INSOL Conference and Judicial Colloquium. These events will take place in The Hague, Netherlands, in May 2013. Other responsibilities in the judicial steering committee include building cross-border communication among judges, and advising on matters of particular concern to the judiciary in different jurisdictions.