Following Hanjin obtaining a rehabilitation order protecting its assets from creditors in South Korea, it is understood that Hanjin obtained a recognition order this morning in the UK which extends the protection offered by its application for rehabilitation in South Korea. The UK recognition order will have particular impact on existing or future litigation or arbitration proceedings against Hanjin in the UK.
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 parties.
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