It was agreed at the 12th Council of ASEAN Chief Justices Meeting on 15 November 2025 that the Model Framework for Communication and Cooperation between ASEAN Courts in Cross-Border Insolvency Proceedings (the “Model Framework”, a copy of which is enclosed in Schedule I herein), be approved and that the ASEAN judiciaries consider adopting the Model Framework subject to and in accordance with the respective ASEAN Member State’s laws, regulations and legal framework and with such modification as each ASEAN judiciary deems fit. The Model Framework seeks to facilitate communication and cooperation in proceedings relating to insolvency, or adjustment of debt for the purposes of reorganisation or liquidation, of corporations which are opened in more than one ASEAN Member State (the “Cross-Border Insolvency Proceedings”).