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EU JudgeCo Principle 3 - Overriding Objective

3.1. These EU JudgeCo Principles embody the overriding objective of enabling courts and insolvency practitioners to operate effectively and efficiently in international insolvency cases with the goals of maximising the value of the debtor's global assets, preserving where appropriate the debtor’s business, and furthering the just administration of the proceeding.

3.2. In achieving the objective of Principle 3.1, due regard should be given to the interests of creditors, including the need to ensure that similarly ranked creditors are treated equally. Insolvency practitioners should act fairly and proportionately in charging fees or costs. Due regard should also be given to the interests of the debtor and other parties in the case, so far as national law permits, and to the international character of the case.

3.3. All parties in an international insolvency case should further the overriding objective of Principle 3.1 and should conduct themselves in good faith in dealing with courts, insolvency practitioners and other parties in the case.

3.4. Courts and insolvency practitioners should cooperate in an international insolvency case with the aim of achieving the objective of Principle 3.1.

3.5. In the interpretation of these EU JudgeCo Principles due regard should be given to their international origin and to the need to promote good faith and uniformity in their application.

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