Vol 19 (2022) - Issue 6

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Embracing Mediation in Insolvency Process

Synopsis
Mediation as a concept has garnered lot of noise, especially more so after the Singapore Convention on mediation by getting countries from across all over the world be the signatories to the convention. It gives legitimacy to the concept of Mediation in business world in not just civil and commercial matters but also in family, employment and community. Every country has been practising (and preaching for sure) a settlement mechanism called by various names, including conciliation, negotiation, assisted settlements and/or mediation.
The area where its impact cannot be undermined is the Insolvency space. Insolvency is not and should not be taken as a taboo. Doing Business has many caveats and insolvency is one of them, but application of Mediation skills, tools and techniques can reduce that stigma and bite of the negative connotation. An attempt to justify application of Mediation in a tweaked way to various aspects of Insolvency, with some examples of various jurisdictions is made through this article.