Most Read Contributor in South Korea, January 2017
Seoul Central District Court terminated the rehabilitation
proceedings of Hanjin Shipping yesterday on February 2, 2017
following public announcements by Hanjin Shipping that it has
completed disposal of its shares in Hanjin Shipping Tec. Inc.
(HTEC) and Total Terminals International (TTI) earlier on the same
The Court may declare Hanjin Shipping bankrupt on February 17,
2017 at the earliest after elapse of two-weeks appeal period,
subject to delay in case appeal is made to the courts.
The Korea Exchange has halted trading of Hanjin Shipping shares
since 11:24AM on February 2, 2017, a few hours before the Court
made the termination decision, in response to rumors that the Court
inquired opinion on terminating the proceedings to the creditors to
Hanjin Shipping as voluntary condition precedent to termination of
rehabilitation proceedings. Hanjin Shipping shares will be delisted
automatically upon declaration of bankruptcy by the Court.
As noted in our previous newsletter, an interesting issue to
follow is whether temporary protection Hanjin Shipping has obtained
in relation to the rehabilitation proceedings in other
jurisdictions would be extended to Hanjin Shipping's subsequent
liquidation proceedings although with few assets left to dispose,
the impact of other jurisdictions' stance on scope of temporary
protection will be limited.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
India is heading towards a new era of dealing with insolvencies and bankruptcies, whether corporate or individual, by promulgating a comprehensive Insolvency & Bankruptcy code at par with global standards...
As a demonstration of India's combined political will, the much awaited and debated Insolvency and Bankruptcy Code, 2016 was passed by the Upper House of the Parliament on 11 May 2016 (shortly after being passed by the Lower House on 5 May 2016).
It appears that the code should become fully operational in the coming months, thus
overhauling and improving India's business and commercial environment significantly.
Some comments from our readers… “The articles are extremely timely and highly applicable” “I often find critical information not available elsewhere” “As in-house counsel, Mondaq’s service is of great value”
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).