Archives: Insolvency

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Courts in New York and Singapore reach opposite conclusions on the validity of interpleader applications arising out of the OW Bunker bankruptcy

On 7 November 2014, OW Bunker A/S (“OW”), a global supplier and trader of marine fuel, filed for bankruptcy in Denmark. Further bankruptcies of OW subsidiaries and affiliates swiftly followed, including the bankruptcy of certain U.S. and Singapore-based OW entities. Protective interpleader proceedings were brought in the U.S. and Singapore by vessel owners and charterers … Continue Reading

Court varies order recognising South Korean insolvency proceedings to allow pursuance of claims in London arbitration

Re Pan Ocean Co Ltd [2015] EWHC 1500 (Ch) The Applicants had entered into a pool agreement and time charter with Pan Ocean, both of which were governed by English law and provided for London arbitration. The agreements were terminated, and the Applicants sought damages. Pan Ocean went into rehabilitation in Korean, and the Applicants … Continue Reading

Right to enforce an “in rem” claim is not lost where the claim is issued after the court has ordered the sale of the vessel

Bank of Tokyo-Mitsubishi UFJ Ltd v Sanko Mineral (The MV Sanko Mineral) [2014]EWHC 3927 (Admlty) Cargo Interests began proceedings in the U.S. against the Defendant former owner of the M/V SANKO MINERAL for breach of a contract of carriage. The bill of lading under which the claim was brought incorporated the terms of a charterparty … Continue Reading
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