“Commercial Awareness Is Global.”
To understood the Hanjin bankruptcy is to understand the current state of the global shipping industry. And if Hanjin is any thing to go by, and it is, the picture isn’t good. However, it is not all doom and gloom as the shipping industry is in the process of reorganizing itself and of this Hanjin saga is simply a part.
Will giving Hanjin more time to develop and submit a rehabilitation plan to the court give it the ‘breathing space’ needed to come up with a viable plan to say afloat? Or is it just delaying the inevitable? I guess we will have to wait unit December to find out.
By: Ainsley Brown The Office of Fair Trading (OFT), the agency charged with policing trade practices – read unfair trade practices – has launched a study into the high cost associated with business insolvency. The study will focus on the way insolvency practitioners, namely accountants and lawyers are appointed and how they set their fees. The importance of the study
By: Ainsley Brown The UK’s highest court, its new Supreme Court – new in name only, it still has the same functions as the old House of Lords – has handed down its first business case ruling. And it is a significant one, not just for those directly affected by the ruling but also within the wider UK and international
By: Ainsley Brown Banks in London, England are set to roll out their living wills by the end of the year. The living wills are a direct consequence of the financial – bank – meltdown experienced in the UK. The pilot scheme is set for a trial run in London before being expanded to the rest of the country will see
By: Ainsley Brown PricewaterhouseCoopers (PwC), the administrator for the European outfit of Lehman Brothers, has come up with a ‘Plan B’ to give out $17 billion to creditors. This after the High Court in England rejected a plan by PwC in August that would have freed up over $13 billion worth of assets. The court rejected the earlier plan because
By: Ainsley Brown PricewaterhouseCoopers (PwC), the administrator of the now defunct bank’s European arm is set to file a claim against the parent bank in US bankruptcy court. PwC has until September 22 – the deadline set by the court – to file its claim. The claim surrounds some $100 billion in pledges made by the parent bank before it
By: Ainsley Brown The English High Court has scuttled a plan for quick payouts to creditors by the administrator’s of Lehman Brothers’ European arm. PricewaterhouseCoopers (PwC), the administrator is now carefully studying the judgment and weighing it options i.e. should it appeal or not. In either case Lehman Brothers’ creditors face delays in recovering their assets. The ruling affects some
By: Ainsley Brown This is an update to Shareholders Fail in Human Rights Cases Against UK Government. The Northern Rock shareholder group, lead by the Hedge Funds SRM Global and RAB Capital, last week launched their appeal of the decision reach in the High Court about the UK government’s nationalization compensations scheme. The appeal comes in the form of judicial
By: Carsten Lexa, LL.M. During the last several months, some German midsize companies have turn to the UK to undergo insolvency proceedings. They seem to be quiet happy with their decision and, more importantly, they were successful: Today, companies like DNick Holding (formerly Deutsche Nickel AG) or Schefenacker (today separated into the two independent companies odelo and Visioncorp) prosper and