Monday, March 15, 2010
Business Courts in the United States and Around the World
Business courts can be found around the globe and in places one would not think to look. Business courts have been appearing on an international scale in Europe, Asia, Africa, and the Americas, in countries with common law systems and in those with civil law systems. In addition, business courts have been proposed and under serious consideration in the British Virgin Islands, Peru, Pakistan, and India. The rationale behind the creation of so many business courts stems from the need for more specialized courts and judges with the ability to handle complex commercial litigation matters. In other words, efficiency and expertise matter. With the onset of globalization and the ever-increasing interconnectivity of the earth’s population, business transactions will continue to burgeon; requiring more specific direction and expertise from the world’s various judicial systems.
It is also important to note that there appears to be a growing consensus in some of the world’s leading common law international financial centers that dedicated commercial courts are an important part of the business infrastructure. The trend is spreading from major metropolitan areas like London, Hong Kong and Sydney to “offshore” financial centers such as Bermuda, and the British Virgin Islands. This blog focused mainly on European and U.S. courts but it is important to appreciate that business courts are in use in a number of emerging jurisdictions in Africa and Asia as well (e.g. Kenya, Malaysia, Philippines, Tokyo and Uganda). In closing, business courts are becoming more common with the goal of expediting litigation in a competent, judicious manner.
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