With today’s globalization, the recently commenced receivership proceeding in Seoul, South Korea, by Hanjin Shipping Co. has created tsunami-like shock waves affecting every deepwater port in the country, including those in South Florida. Virtually every type of business and even consumers will be impacted by this insolvency proceeding, and the shock waves will continue for the foreseeable future. Currently, there are thousands of containers full of goods for delivery to U.S. businesses that are stagnating on the idle ships while the legal issues are resolved.
Hanjin is one of the world’s largest container shipping companies, and although its financial difficulties had been somewhat publicized in advance of its receivership filing, very few of those that have been impacted were prepared for the repercussions of the filing. This proceeding will test the conflict between the bankruptcy laws of many countries, the jurisdiction of the U.S. courts over assets located in this country and the conflicts between federal maritime law and federal bankruptcy law.
