11. Cross-Border Insolvency Agreement

A Cross-Border Insolvency Agreement is a legal framework that helps manage situations where a company or individual facing financial trouble has assets in multiple countries. This agreement allows different countries’ courts and legal systems to collaborate, ensuring that the insolvency process is handled fairly and efficiently across borders. It aims to protect the interests of creditors and debtors alike, providing a structured approach to resolving debts, distributing assets, and maintaining order in complicated international insolvency cases. Ultimately, it fosters cooperation between countries to handle financial crises that span national boundaries.