UK Defence- Insolvency Risks
When financial crisis hits a company, it will inevitably seek financial protection from its creditors which may or may not) involve a period of re-organisation, during which the company may continue to trade. Faced with a defaulting counterparty in financial difficulty, shipowners and operators will have key questions which need to be answered so that commercial decisions can be taken promptly to mitigate the risk of financial exposure. Often the issues are very complex and involve jurisdictional questions of maritime, insolvency and rehabilitation laws and local court procedures.
This guide aims to highlight the key legal issues which Members may face in what continues to be a tough and challenging shipping market. Produced in a FAQ format, the publication focuses on 10 key jurisdictions and offers an overview of the potential legal and jurisdictional issues that insolvency / rehabilitation proceedings present.
Since 2008 the UK Defence Club has been involved in many cases concerning defaulting counterparties and those which have sought bankruptcy protection. The most high profile of these was the collapse of the OW Bunker Group of companies which gave rise to the well-publicised dispute concerning the RES COGITANS, a case in which the UK Defence Club supported its owner Member through various appeals to the Supreme Court. The UK Defence Club's extensive experience and expertise means it is well placed to assist Members in navigating through such complex issues.
For more information:www.ukdefence.com/
26300 - UKDC-Insolvency-Publication-web (3 MB)
Source UK P&I
You may also be interested in:
Since early 2019, vessels calling in Dakar have been at an increased risk of Customs fines and/or detention for cargo shortages or overloading.
Korea Disease Control and Prevention Agency (KDCA) has announcement new regulation for vessels calling at Korean Ports to prevent the spread of COVID-19.
In November 2020, OCIMF (Oil Companies International Marine Forum) published "Recommendations on Usage of ECDIS and Preventing Incidents" regarding the use of ECDIS.