Chief justice to speak at insolvency conference

In his absence, Justice Charles Quin will serve as acting chief justice until March 26, the Cayman Islands Judicial Administration said in a press release.

Chief Justice Smellie is scheduled to address the 11th Joint Multinational Judicial Colloquium on Cross-Border Insolvency on March 21 and 22, ahead of the main INSOL San Francisco conference March 22 to 24.

According to the Judicial Administration, the colloquium is an educational session open only to judges, judicial administrators, and senior civil servants from relevant government ministries globally.

The conference is sponsored by INSOL International, the UN Commission on International Trade Law and the World Bank.

INSOL is a worldwide federation of national associations for judges, accountants, lawyers and other insolvency professionals who specialize in corporate turnaround and insolvency, and is a global accrediting body for insolvency professionals.

Supporting INSOL’s work is the Group of Thirty-Six, “some of the most prominent and influential firms within the insolvency and turnaround profession,” organizers said, adding: “The aim of the Group of Thirty-Six is to work with INSOL to develop best practice guidelines to enhance the ability of practitioners globally to save businesses throughout the world.”

The aim of the session at which Chief Justice Smellie will speak is to “prepare participants to understand developments in the handling of cross-border insolvency cases where there are assets in more than one jurisdiction, an increasing phenomenon with the growth of cross-border commerce,” the statement said.

“The colloquium will compare judicial and related practices in dealing with practical and theoretical issues arising in cross-border insolvency cases in a number of jurisdictions representing all major legal systems,” Chief Justice Smellie said in the release.

According to the Judicial Administration, the costs of attending the event in San Francisco are borne by the organizers.

The aim of the addresses in the conference is to send “a clear message that Cayman’s courts recognize and adhere to international standards for resolving cross-border insolvency problems and that the Cayman courts will give the necessary cooperation in ensuring that the principles that should govern international insolvencies are applied,” the chief justice said.

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