Description

The problem of maritime cross-border insolvency has risen to prominence in recent years with the global financial crisis and the current declining shipping market. The tensions and inconsistencies in the way in which maritime cross-border insolvency scenarios have been dealt with by the courts of different countries have given rise to significant debates and need to be addressed urgently. In order to promote international trade and the shipping market, both debtors and maritime (and indeed non-maritime) creditors need certainty and predictability.