Billed as INSOL’s “most popular session”, the plenary session Hot Topics – Avoid Being Burnt! provided a brief overview of developments in the insolvency landscape. The session panel was chaired by Jay A. Carfagnini (Goodmans LLP) with panelists the Honourable Justice Paul Heath of the High Court of New Zealand, Gabriel Moss QC, Gaurav Malhorta (Ernst & Young), and Jason Karas (Lipman Karas).
The panel discussed the following points:
We continue our roundup of events concerning the marine industry in 2016, as well as looking forward to 2017, by looking at how the collapse of Hanjin affected the world of shipping.
The watchword for 2016 in much of the world was "upheaval." Two unanticipated events dominated the political, business, and financial headlines of 2016, at least in Europe and the Americas: the Brexit referendum result and the election of Donald J .Trump as the 45th President of the United States. The refugee crisis, the commodities meltdown, Brazil’s economic collapse, China’s growing pains, Russian belligerency and alleged cyber-meddling in the U.S. election, the war on terrorism, and the beginning of the end of the bloody Syrian civil war seemed to pale by comparison.
Although political and economic uncertainties tempered corporate activity somewhat in 2016, the trends and fundamentals that have the potential to drive transactions remain in place in 2017.
Capital Markets
The last decade has exposed the bankruptcy courts across the globe to a large volume of international work, and with that experience in mind, the Judicial Insolvency Network (JIN) held its inaugural meeting in Singapore in late 2016. Its intent was to formulate a set of guidelines (theGuidelines) that would promote cooperation between Courts. Sitting alongside common law and legislative cross-border provisions, the Guidelines are a practical code to enhance some of the most successful cross-border initiatives of recent years.
Am 31. August 2016 hatte die weltweit siebtgrösste Container-Liner Reederei, Hanjin Shipping Co.Ltd. (nachfolgend Hanjin), in Korea Gläubigerschutz beantragt. Die Hoffnungen, dem koreanischen Gericht einen Sanierungsplan vorlegen zu können, haben sich in der Folge nicht ganz unerwartet rasch zerschlagen. Der Seoul Center District Court hat am 2. Februar 2017 entschieden, am 17. Februar 2017 über Hanjin Shipping Co.Ltd definitiv den Konkurs zu eröffnen[1].
Since the bankruptcy of Hanjin Shipping Co. Ltd., so many articles have been written about how it happened, why it happened, and what can be learned from this tragedy. When Hanjin Shipping, once the 7th largest container carrier in the world and the 4th largest container carriers in the transpacific (Asia – US & Canada) trade, filed for bankruptcy, few believed that a “too big to fail” organization like Hanjin would not be given a government bail-out. So, naturally, no one really appreciated the kind of disruption and losses that would subsequently affect the global supply chain.
The National Association of Insurance Commissioners Summer National Meeting, held on August 24 - 28 in San Diego, produced a number of noteworthy developments related to international, financial, and other regulatory matters. Many of these matters are interconnected on both public policy and technical grounds and involve a mixture of domestic and international political issues.
Le 1er septembre 2016 la compagnie Hanjin Shipping Co Ltd (“Hanjin”) première compagnie coréenne de transport maritime par conteneur a sollicité la protection de la loi coréenne sur les faillites et une procédure collective, dite de “réhabilitation”, a été ouverte par les tribunaux de Séoul.
This past weekend, Hanjin vessels commenced unloading operations on the U.S. West Coast for the first time since Hanjin filed its bankruptcy petition with the Seoul Central District Court in Korea. Vessels have also been reportedly unloading in Japanese and Canadian ports. There is an obvious overriding public interest in having the many millions of dollars worth of cargo resume moving to its various destinations.