Economic globalization and greater financial interaction among businesses, financial institutions and investors across multiple jurisdictions requires the ability to handle cross-border insolvency issues. We routinely represent stakeholders in complex international restructuring transactions, cross-border insolvency proceedings and related asset recovery litigation. Additionally, our team possesses foreign language capabilities and a strong network of qualified insolvency counsel in countries worldwide.
Our cross-border experience includes:
The Foreign Representative of Hanjin Shipping Co., Ltd., one of the world's largest container shipping companies, retained Cole Schotz to assist with seeking recognition in the United States of Hanjin’s South Korean receivership proceeding under Chapter 15 of the United States Bankruptcy Code. Hanjin’s U.S. filing came just a few days after it filed for court receivership in South Korea. Cole Schotz secured a provisional order barring interference with Hanjin’s business operations in the United States. Significantly, as a result of our efforts and the US Bankruptcy Court’s provisional order, all of Hanjin’s vessels bound for the US were allowed to enter US territory without fear of arrest or seizure.
Ultimately, Cole Schotz obtained final recognition of Hanjin’s Korean insolvency proceeding pursuant to Chapter 15 of the Bankruptcy Code, over the objections of numerous parties. The decision by John K. Sherwood, presiding Bankruptcy Judge, formally brings Hanjin under the protection of U.S. bankruptcy law.
The Cole Schotz team was led by Ilana Volkov, Edward Kiel and Jacob Frumkin.
As published in: Law360 January 18, 2017
As published in: Law360 December 14, 2016
December 13, 2016
As published in: The Wall Street Journal September 6, 2016
Bankruptcy & Restructuring Law May 2, 2017
Bankruptcy & Restructuring Law April 6, 2017
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