The Landscape Has Changed

In what we believe could be a far reaching decision first reported in Lloyds List, London’s High Court has in effect leveled the playing field when it comes to cross-border insolvency proceedings involving shipping. In Mr. Justice Morgan’s decision, the High Court recognized the primacy of Samsun Logix Corporation’s (“Samsun”) insolvency proceedings in Korea and imposed a moratorium on Samsun’s creditors in the UK. According to Nicholas Woo of Birketts LLP, Samsun’s legal counsel, this action recognizes the company as a going concern in the long-term and gives it the necessary breathing space to position itself accordingly.

The basis for the decision was the United Nations Commission on International Trade Law (“UNCITL”) model on cross-border insolvency regulations, which was finalized in December 1997. Legislation based upon this

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