12. Cross-Border Asset Tracing and Recovery

Cross-border asset tracing and recovery involves tracking down and retrieving assets that have been moved across countries, especially in cases of financial misconduct or insolvency. When a company or individual faces bankruptcy in one country, they may hide or transfer their assets to another country to avoid paying debts. This process requires cooperation between different countries' legal systems to identify, locate, and reclaim those assets. It ensures that creditors can recover what they are owed, even when the assets are internationally dispersed.