Protocol on the Recognition of Cross-Border Insolvency

The Protocol on the Recognition of Cross-Border Insolvency is an international agreement that helps courts in different countries work together when a company or individual faces insolvency across borders. It allows courts to recognize and coordinate each other's insolvency proceedings, ensuring a more efficient, fair, and unified handling of the case. This collaborative approach reduces conflicting judgments and legal uncertainties, making cross-border insolvencies clearer and more manageable for all parties involved, including creditors, debtors, and courts worldwide.