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Showing posts from September, 2016

THE REHABILITATION OF HANJIN SHIPPING – WHAT YOU NEED TO KNOW.

1.                 Current Situation Hanjin Shipping Co Ltd (“Hanjin Shipping”), applied for Court Rehabilitation to the Seoul Central District Court (Bankruptcy Division 6). On 1 September 2016 the said Court issued a decision accepting Hanjin’s application, thereby commencing the rehabilitation proceedings (“Rehabilitation”). 2.                 What is Rehabilitation? Rehabilitation is the procedure whereby debtor’s debts are adjusted by a Rehabilitation Plan which is admitted by the court under the “Debtor Rehabilitation and Bankruptcy Act” Under the Rehabilitation Plan, a debtor’s debts can be reduced, payment can be delayed, and interest rate can be lowered. 3.              As a creditor, is there anything I need to do to get involved in the Cour...