Office: +44 203 968 0500
24/7 Emergency Response: +44 7887 710 950
Select Page

Hanjin enters rehabilitation proceedings in South Korea

The Inter Club Agreement – just what is a “similar amendment” and why is it important| BDM Blog | BDM LawHanjin, South Korea’s largest sea container shipping company filed for bankruptcy protection on Wednesday 31 August. On Thursday 1 September Hanjin formally entered into rehabilitation proceedings in Korea in an attempt to protect themselves from creditors.  Recognition proceedings are likely to follow in other jurisdictions to enable Hanjin to operate vessels that are currently in limbo outside port limits.

Hanjin’s troubles are likely to have wide ranging repercussions.  There are numerous creditors seeking advice on what steps can be taken to file claims and/or seek a recovery.   Certain suppliers may also have claims against vessels relating to bunkers supplied on Hanjin’s instructions.   In addition Hanjin are members of the CKYHE Alliance and it is unclear how the Alliance will deal with boxes on Hanjin vessels and how the service will be maintained in the absence of Hanjin operated routes.

BDM has considerable experience of the issues that arise from Korean rehabilitation proceedings.  We represented numerous creditors in the Korea Line and STX rehabilitation proceedings and we have experience of dealing with recognition proceedings here under the Cross Border Insolvency Regulations.

BDM is a specialist shipping law firm offering high quality legal advice and representation at a reasonable price. Please follow us on social media by clicking below.

Other Recent Blogs

  • BDM supports launch of third edition of Shipping and the Environment | BDM Blog | BDM Law
    March 9, 2023

    BDM supports launch of third edition of Shipping and the Environment

    We were delighted to support Colin, Charles and Jonathan at the launch of the third edition of this weighty tome. Environmental regulation is one of the main challenges faced by shipping and all those engaged in the shipping industry. This book is not just about oil spills. [...]

    Read more >
  • BDM and London P&I attend Six Nations | BDM Blog | BDM Law
    February 15, 2023

    BDM and London P&I attend Six Nations

    David McInnes and Joshua Geesing of BDM Law were pleased to attend the Six Nations match between England and Italy alongside Simon Leslie and Simon Chapman of London P&I Club. BDM Law are committed to the Italian market and continue to service a large number of clients b[...]

    Read more >
  • 2023 and what to expect | BDM Blog | BDM Law
    February 9, 2023

    2023 and what to expect

    It’s difficult to predict what lies ahead but it’s illuminating to revisit what we said at the beginning of 2022. By and large, we were right to say that 2022 would be a strong year for shipping and ship owners. The predicted rise in ship casualties has not quite materia[...]

    Read more >
+44 203 968 0500
+44 7887 710 950