Hong Kong Maritime Law and Insolvency

Hong Kong Maritime Law and Insolvency

hey guys welcome back to my channel so today in this article I would like to continue a previous article entitled Hong Kong many time low and in so fancy in most literal countries legislation has been enacted to bring into Force the professions of the 1952 conventions on the arrest of sick coaching ships which attempts to harmonize the causes of actions leading to an arrest however jurisproutines and traditional in Evac in different countries has led to different treatment oven REM claims for instance claims for insurance premiums can lead to arrest in Estonia but not England open a recent sale of a vessel the proceed or cell are primaverasi at the Discretions of the Court distribute as follow s shall cause an expenses connected with the arrest of the vessel and its appraisement and sale the cause of the arresting party and the cause of the party who obtained the order for the operation and sale of the vessel for the period up to and including the order itself mortgages another statutory action syndrome in personal claims it can normally be secure such as miritamilians and horses Australians are lip frock ahead of secure claims for the more statory statutory in room claims enjoy priority over ordinary unsecure claim difference between statutory in dream claims and Maritime Millions is their respiratory in dream claims only crystallizes open the issue of proceedings America arises at the time of the underlying cause of action therefore if the ownership or control of the ship changes between the time when the cause of actions arises and the issuing of proceeding a statutory in dream claim would be defeated and the vessel could not be arrested but the holder of a married family and can still arrest The Vessel even if the vessel has been solved the owb collapse has thrown into sharp relief some of the issues that arise with insolvency that arrives with insole fantasy and in Room claims in early 2014 owb listed on the Danish first recently 1 billion US dollar owp supplied some seven percent of the world Fleet with Marine World of course owb was however only a Trader it did not physically Place bunker on only a trade it is not physically placed by croissant courtship within 6 months owb filled for insolvency in general terms owbs business model was as follows a ship owner would place an order for Bankers with owb who would then order them from a physical supplier who will place the bunker on board this ship usually the contractual Chains would be far longer and more complex than this the supply of bunkers was usually on credit terms and usually the contract would contain retentions of title clauses when owb filled for insolvency in November 2014 many ship owner had received bunkers on board but had not yet paid for them ordinarily they there would be no difficulty the Liquidator or in this context the receiver appointed by the Peng under a security instrument to owb however the supply of bunkers to a ships in is in fact an interim claim it is an interim claim helped by anyone in the supply chain shape owners were therefore presented with the proper Bill hopes such Choice pay the receiver Liquidator and face a potential arrest and claim against the ship or pay the physical supplier and face a claim in contract from the receiver or liquidator furthermore different jurisdictions around the world treat to supply of bunkers differently in most common law jurisdiction the supply of bunkers is a stator worry in room clean various in the USA and Panama and Panama the supply of Bankers is very Timely ill most common law countries allow applying to the classifications of a claim as a statuary in rumclaim our very timely and its local law however in recent Australian case the Court held that a supply of conquers was a maritime being because the supply was made in Panama Panama even though under Australian law the supply of Bankers was only a state will reclaim several legal challenges have been molded around the world to try to resolve the impasse in England the mirror has now been considered by the Supreme Court the ship owner contended that he should not pay owb sowb had never in fact saw the bunkers to him due to the credit terms and the retentions of type of detail close or WP had failed to pass title in the bunkers to the ship owner in radical change to the law of the Supreme Court held at the sale of bunkers was not in fact a sale contract where the owb had promised to transfer the title it held it the ship owner was complete to pay owp however it did not resolve the issue with the physical supplier who are globally still has an in-room claim against the ship owner in respect of the bunkers in Canada the ship owner paid the bunker price into a trust account and asked the court to decide who should be paid the court decided that owb was entitled to its Merkin and the principal soon should be paid to the physical supplier the decisions has been appealed and has been heared by the appeal court a decisions is awaited in New York there are after 20 pending cases similar in the Kennedy and case all which are awaited eagerly by ship on earth and the receiver of owb alike this state of uncertainty globally as to how claims should be treated treated and the ensuring priority serves to underline the fact that the maritime is offensive hold many pitfalls further and weary so this is the act don't forget to watch my previous article and also don't forget to like comment and subscribe bye.

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