RHTLaw Taylor Wessing instructed to act in the Liquidation of Hanjin Shipping Co. Ltd

RHTLaw Taylor Wessing instructed to act in the Liquidation of Hanjin Shipping Co. Ltd

RHTLaw Taylor Wessing has been instructed to act for the Bankruptcy Trustee of Hanjin Shipping Co. Ltd (“Hanjin Shipping”) in relation to the liquidation of its Singapore subsidiary, recovery of various assets as well as in dealing with claims and disputes in Singapore. RHTLaw Taylor Wessing is working with our ASEAN Plus Group South Korean firm, DR & AJU (Daeryook & AJU), in this representation as it potentially involves cross-border issues.

South Korea’s Hanjin Shipping, which was the largest shipping company in South Korea and the world’s seventh largest container shipping line was officially declared bankrupt in February 2017 after incurring debts of about US$5.4 billion.. This insolvency has been slated as the biggest to hit the container shipping industry in the last 50 years. According to an article in The Straits Times, most of Hanjin Shipping’s 1500 employees have been laid off. A Channel NewsAsia report has also indicated that “most of its fleet of 141 ships were banned from docking in the US, China and many other countries because of its failure to pay ports for their services.”

Litigation & Dispute Resolution Partner Sivakumar Murugaiyan leads the team in this case.