Following Hanjin obtaining a rehabilitation order protecting its
assets from creditors in South Korea, the serious repercussions
continue to shake global trade.
As a first step to extend the rehabilitation order's
geographical reach, the Tokyo District Court in Japan issued an
order recognising the South Korean Court proceedings and issued a
comprehensive stay order on 5 September 2016.
Hanjin has applied for Chapter 15 protection in the US, which is
likely to be granted following a hearing scheduled for 6 September
Hanjin will be taking similar steps across the globe during the
course of this week where Hanjin assets, particularly owned or
chartered vessels, are vulnerable to arrest and where proceedings
will be commenced. It is presently estimated that Hanjin will be
seeking relief in up to 40 countries.
This map below shows where Hanjin vessels are
already under arrest or are being prevented from entering port to
load or discharge cargo owing to uncertainty that port dues and
services will be paid.
Clyde & Co are already representing a significant number of
parties affected by the Hanjin rehabilitation including innocent
vessel owners, suppliers and cargo owners. Time continues to be of
the essence in terms of seeking relief prior to orders being
obtained to further protect Hanjin's assets from creditor
Please click here to see the full overview of ports
disrupted by Hanjin-related matters.
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