International Journal of Legal Studies and Research (IJLSR) ISSN (O): 2278-4764 Vol. 2 No. 2 Sept 2013 172          “In areas of law, such as cross-border insolvency, commercial necessity has encouraged national courts to provide assistance to each other without waiting for such cooperation to be sanctioned by international convention.” - Millet L.J. 2 1. Introduction In the last two decades the economies of the world have become more interconnected than ever thus promoting cross-border businesses that own assets in many countries. This makes insolvencies of a cross-border nature more inevitable than ever and therefore the question of how these insolvencies can be carried out in an efficient and workable manner becomes pertinent. Cross-border insolvency protocols emerged as an answer to this with judges approving protocols that encourage coordination, cooperation and communication between the courts, courts and parties and between the parties themselves. As these insolvency protocols became more popular, guidelines and model laws emerged to be used as guides to the drafting of these protocols. However since these protocols, by their very nature, are case specific and are meant to address the particular circumstances of each case, they are constantly changing and adding to the resources future cases can look to while adopting such protocols. 1.1 What is an insolvency protocol? UNCITRAL, in its Practice Guide on Cross-Border Insolvency Cooperation, defines an insolvency protocol as “an agreement entered into, either orally or in writing, intended to facilitate the coordination of cross-border insolvency proceedings and cooperation between the courts, between the courts and insolvency representatives and between insolvency representatives, sometimes also involving other parties in interest.” Protocols are usually adopted and/ or approved by the courts involved in accordance with the local law and practice of each local jurisdiction. Despite this, the beneficial feature of an insolvency protocol, as against a 1 LLM (Corporations) Student at NYU Law 2 Credit Suisse Fides Trust SA v. Cuoght: [1997] ALL ER 724(at 730).