World's commercial courts collaborate on money judgments

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Publish date 11 July 2019
Issue Number 4738
Diary Legalbrief Today
Commercial courts from around the world have set out their procedures for enforcing money judgments made by one another in a single document, intended to improve public perception and understanding of enforcement procedures according to Out-Law.com. The Multilateral Memorandum on ...

Commercial courts from around the world have set out their procedures for enforcing money judgments made by one another in a single document, intended to improve public perception and understanding of enforcement procedures according to Out-Law.com. The Multilateral Memorandum on Enforcement of Commercial Judgments for Money contains contributions from the 32 member jurisdictions of the Standing International Forum of Commercial Courts (SIFoCC), established in 2017 to encourage and support collaboration between the world's commercial courts. Richard Dickman, dispute resolution expert at Pinsent Masons, said, 'We are seeing businesses show increased levels of interest in the issue of cross-border enforcement, driven by the ever more international nature of transactions and in part by Brexit-related concerns.' 'Although there is no substitute for matter-specific local law advice, the memorandum should prove a useful resource when looking to get a quick picture of the enforcement risks involved in contracting with, or pursuing litigation against, a party who is, or whose assets are, located in a particular jurisdiction.' Each of the 32 contributors to the document has set out its procedures for enforcing the judgments of foreign jurisdictions in its own courts. While the focus is on commercial judgments requiring one party to pay a sum of money to another, some of the contributions also touch on how the courts enforce other types of foreign judgments. The contributors include courts in Singapore, China, the US, Australia, the Middle East and Africa.