Insolvency & Restructuring

January 06 2017
Jeffrey A Liesemer Chapter 15 at 11: Chapter 15 provides provisional relief in Hanjin Shipping

USA - Caplin & Drysdale, Chartered

Following a Chapter 15 petition to recognise Korean insolvency proceedings as foreign main proceedings, the Bankruptcy Court for the District of New Jersey recently granted an order of provisional relief that includes application of the automatic stay to block the enforcement of maritime liens and the seizure of shipping company Hanjin's vessels. The case demonstrates how essential provisional relief can be for foreign debtors to preserve the status quo and maintain business operations before a recognition ruling.

Author: Jeffrey A Liesemer
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