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 1^er 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.

1. Commencement of Rehabilitation Proceedings by Hanjin Shipping Co., Ltd. (“Hanjin Shipping”) On August 31, 2016 Hanjin Shipping filed a rehabilitation petition with the Seoul Central District Court. The Case number is Seoul Central District Court 2016 HoeHap 100211. On August 31, 2016, the Bankruptcy Division of the Seoul Central District Court issued a comprehensive prohibition order, as a provisional measure, to all creditors.

Introduction

Chapter 15 of the Bankruptcy Code, which deals with cross-border insolvency cases, took effect nearly 11 years ago.(1) Congress enacted Chapter 15 in 2005 to replace Bankruptcy Code Section 304, which previously addressed transnational insolvencies.(2) Chapter 15 largely incorporates the United Nations Commission on International Trade Law (UNCITRAL) Model Law on Cross-Border Insolvency, which was promulgated in May 1997. The Model Law is designed:

Judges from 10 jurisdictions met in October 2016 in Singapore for the inaugural Judicial Insolvency Network Conference.

High on the agenda of the esteemed conference participants was the preparation of Draft Guidelines to provide practical assistance for Judges and insolvency practitioners alike in dealing with difficult issues which cross-border insolvencies and restructurings commonly face.

The Judicial Insolvency Network (JIN) conference aims to encourage communication and cooperation amongst national courts.

From 10 to 11 October, Singapore hosted the inaugural JIN conference. JIN is a network of insolvency judges from around the world whose aim is to encourage communication and cooperation amongst national courts by pulling together best practices in cross-border restructuring and insolvency to facilitate cross-court communication and cooperation.