ASK AIII: Time to have a bit of a laugh messing with AI!
ASK AIII: Time to have a bit of a laugh messing with AI!
In this segment we intend to experiment with different ways to play with AI …
Shreya Prakash challenged ChatGPT to share " What practical steps would be needed to make an international insolvency court a reality- prepare a roadmap." By way of context, an international insolvency court is a proposed or conceptual judicial body designed to handle cross-border insolvency cases involving multinational corporations or entities with assets and creditors in multiple countries. Unlike national bankruptcy courts that operate within the legal framework of a single jurisdiction, an international insolvency court would aim to provide a unified, transparent, and efficient forum for resolving complex, multi-jurisdictional insolvency disputes. Establishing a truly
Roadmap to Establish an International Insolvency Court Phase 1: Feasibility & Consensus Building( Short-Term: 1 – 3 Years)
1. Conduct a Global Feasibility Study
48 • Commissioned by international bodies like the UN, World Bank, or IMF.
• Assess demand, legal barriers, and economic impact.
• Compare existing frameworks( UNCI- TRAL Model Law, EU Insolvency Regulation, etc.).
2. Initiate Multilateral Dialogue
• Convene stakeholder consultations: governments, judges, insolvency professionals, creditors, international financial institutions.
• Focus on G20, OECD, and emerging markets.
• Explore appetite for cooperation and scope( e. g. corporate insolvency only?). 3. Establish a Steering Committee or Task Force international insolvency court faces several hurdles, including differences in national insolvency laws and creditor priorities, and sovereignty concerns regarding legal authority. While still largely theoretical, the idea of an international insolvency court represents a forward-looking approach to harmonizing global insolvency practices. Here ' s what it wrote 1 Creating an international insolvency court would be a major legal, political, and institutional undertaking. Here ' s a realistic roadmap outlining the practical steps required to make it a reality, broken into phases with clear objectives.
1 Text generated by ChatGPT, August 8, 2025, OpenAI, https:// chat. openai. com.
• Composed of legal, economic, and political experts from a diverse range of jurisdictions.
• Tasked with drafting a conceptual framework and governance model.
4. Public Outreach & Industry Input
• Engage business associations( e. g. ICC, INSOL International).
• Solicit feedback from insolvency practitioners and cross-border creditors.
Phase 2: Legal Framework Development( Medium-Term: 3 – 6 Years) 5. Draft an International Treaty or Convention
• Outline jurisdiction, procedures, enforcement mechanisms, and scope of authority.
• Build on principles of the UNCITRAL Model Law but with added supranational authority.
• Address sovereignty concerns with opt-in or tiered participation models.
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