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Maritime Cross-Border Insolvency under the UNCITRAL Model Law Regime: Commonwealth and US Perspectives


ISBN13: 9781509942619
To be Published: May 2022
Publisher: Hart Publishing
Country of Publication: UK
Format: Paperback (Hardback in 2020)
Price: £39.99
Hardback edition , ISBN13 9781509935994



This book covers the pressing issues of cross-border cases involving admiralty and bankruptcy law. For example, what should happen when a shipowner files an insolvency proceeding in one country, while at the same time facing an in rem action against its vessel in another country? Should the in rem action arising in one country be stayed or dismissed because of the existence of insolvency proceedings in another country?

The book discusses the relevant issues regarding the treatment of maritime creditors throughout insolvency proceedings, the determination of the 'centre of main interest' of an offshore shipping company, and the scope of a debtor's assets. The author uses a comparative law analysis, selecting four leading shipping countries – Australia, the UK, the US, and Singapore – and examines their approaches to the above three problems when applying the UNCITRAL Model Law regime.

The book also proposes a solution to help eliminate the ambiguity arising from maritime cross-border insolvency cases under the UNCITRAL Model Law regime, with a view to enhancing the development of the shipping industry.

Subjects:
Insolvency Law, Shipping, Transport and Maritime Law
Contents:
1. Introduction
2. Bankruptcy Law: Fundamental Aims and Relevant Prominent Principles
I. Fundamental Aims of the Law of Insolvency
II. Liquidation and Reorganisation
III. Stay of Proceedings
IV. Secured Creditors and Unsecured Creditors
3. Cross-Border Insolvency: Theoretical Divergence and Its Status Quo
I. The Problem with Cross-Border Insolvency
II. Theoretical Divergence
III. The Evolution of Theories and the Status Quo
4. The UNCITRAL Model Law
I. Access
II. Recognition
III. Relief
IV. Co-operation and Co-ordination
5. Maritime Claims: Characteristics, Secured Status and Enforcement Methods
I. Maritime Liens
II. Statutory Rights of Action in Rem
III. Ship Mortgages
IV. Conflict of Laws
V. Enforcement of Maritime Claims
6. Key Conflicts between the UNCITRAL Model Law and Maritime Practice
I. Treatment of Maritime Creditors under the UNCITRAL Model Law Regime
II. Determination of the Centre of Main Interest
III. Scope of Debtor's Assets
7. Australia
I. Overview
II. The Regime of Insolvency and the Secured Status of Maritime Claims in Australia
III. Cross-Border Insolvency in Australia
IV. Attitudes of the Courts Toward in Rem Actions and the Personification Doctrine in Australia
V. Status of Chartered Vessels in Cross-Border Insolvency
VI. Summary
8. United Kingdom
I. Overview
II. The Insolvency Act 1986 and the Secured Status of Maritime Claims in the UK
III. Cross-Border Insolvency in the UK
IV. Courts' Attitudes Toward in Rem Actions and the Personification Doctrine in the UK
V. Status of Chartered Vessels in Cross-Border Insolvency
VI. Summary
9. United States
I. Overview
II. The Bankruptcy Code of the United States
III. Cross-Border Insolvency in the United States
IV. US Attitude Towards in Rem Actions and the Personification Doctrine
V. Status of Chartered Vessels in Cross-Border Insolvency
VI. Summary
10. Singapore
I. Overview
II. The Regime of Insolvency and Secured Status of Maritime Claims in Singapore
III. Cross-Border Insolvency in Singapore
IV. Courts' Attitudes Towards in Rem Actions and the Personification Doctrine in Singapore
V. Status of Chartered Vessels in Cross-Border Insolvency
VI. Summary
11. Policy Reflections on the Treatment of Maritime Creditors under the UNCITRAL Model Law Regime
I. Maritime Liens
II. Statutory Rights of Action in Rem
III. Ship Mortgages
IV. Conflict of Laws
V. Summary
12. Policy Reflections on the Determination of the Centre of Main Interest and the Scope of Debtor's Assets
I. Determination of the Centre of Main Interest of Shipping Companies
II. Scope of Debtor's Assets
III. Summary