Slide Rules and Hula Hoops – Business Obsolescence and Bankruptcy
On October 14, 2016, U.S. Customs and Border Protection (CBP) published in the Federal Register a notice of proposed rulemaking [USCBP–2016–0065] that, if adopted, would amend the CBP regulations to reflect that official notice of liquidation, suspension of liquidation, and extension of liquidation will be posted electronically on the CBP Web site.
In re World Imports Ltd., Civ. A. No. 14-4920, Bankr. No. 13-15929 (E.D. Pa. Jan. 19, 2016) [click for opinion]
CSMS# 16-000814 dated September 13, 2016, released scenarios (updated on September 8, 2016) to the Hanjin Shipping Co. bankruptcy filing. Hanjin Shipping Co., one of the world’s largest shipping lines, recently filed for court receivership in South Korea. In anticipation of possible disruptions due to Hanjin Shipping vessels or cargo arriving to U.S.
U.S.
Remember Sabena, the ill-fated Belgian airline that declared bankruptcy in 2001? Well, to quote Ford Madox Ford, this is the saddest story I have ever heard.
Recent posts on eSQUIRE Global Crossings have highlighted the problems in the oil and gas sector and unfortunately this is not the only sector under pressure.
Job losses and insolvency in the steel industry
Taurus Petroleum v. SOMO [2017] UKSC 64
The Supreme Court has recently issued judgment in this matter concerning an attempt to enforce an arbitration award in London by obtaining a third party debt order over sums payable to the debtor under letters of credit issued by a London bank in respect of unrelated transactions.
The UK Supreme Court has confirmed that an irrevocable agency will only be created in exceptional circumstances.
Hanjin Shipping's collapse
In order to protect its assets from creditors following its financial collapse, Hanjin obtained a rehabilitation order in Seoul on 1 September.
Different jurisdictions / approaches
One of the main difficulties arising out of the Hanjin collapse is that whilst those administering Hanjin's rehabilitation may have taken steps internationally to protect its assets, different jurisdictions have different approaches.