Podcasts

Luke Zadkovich hosts Ashwin Shanker in our ongoing series looking at the legal issues caused across the world by the COVID-19 crisis. Luke and Ashwin look in detail at the issues thrown up by COVID-19 in India, including a fascinating insight into how to extract security against parties. Including commentary on security actions against vessels and cargo in support of claims. Ashwin Shanker is a Partner at the Chambers of George A Rebello, a leading shipping law boutique in India. Ashwin specialises in ship arrest/security actions in India, as well as dealing with all other types of maritime claim. Luke Zadkovich is a founding partner at ZFZ. Luke’s work frequently includes security actions and Luke has recently published an article on ship owners‘ liens in the Tulane Maritime Law Journal.

Luke Zadkovich’s personal thoughts on the current crisis.   We are all trying to come to terms with the devastating effect of the global pandemic.  By communicating, we can hopefully share our concerns, come together and be part of the solution.   Stay safe, keep healthy.

Fraudulent asset transfers   Part 14 of our series on the tools and strategies for how international businesses can deal with an economic crisis.   Sadly, for some businesses, the economic crisis will put their backs against the wall. In those circumstances, some parties will be tempted to hide assets, rather than be exposed to liability. Following the financial collapse of 2008/2009, we saw an increase in fraudulent transfers.    Tim McGovern has experience securing claims against assets that have been the subject of such fraudulent transfers, including an action against a publicly traded entity in respect of a USD 70 million liability.  Tim sets out when and how these assets can be traced, so that they find their way back to the true creditor(s). For further information please contact Timothy McGovern or anyone from the ZFZ team to discuss this, or any of the other topics in the video series.

Bankruptcy proceedings   Part 13 in our series on how to deal with the economic crisis – a guide for international businesses.   Edward Floyd, founding Partner at ZFZ, addresses US bankruptcy proceedings in light of recent events and gives an overview of the inner workings of Title 11 of the US Code.   What protections can a creditor rely on when a counterparty is insolvent? This is a central consideration in protecting a party’s exposure in what is at best a timid market and may be a full-blown financial crisis. The US scheme also covers the handling of foreign bankruptcy proceedings and knowing the areas of law and issues where to stand your ground is key to maximize a creditor’s chances of prevailing and finding some measure of recovery in the collective proceeding that is bankruptcy. Having skilled counsel provide timely and dynamic advice as counterparty risk increases or defaults become apparent, can be of immense benefit to creditors.   ZFZ has been very active in this area.  We have been involved in high profile bankruptcies and are happy to discuss the cross-section between maritime law and bankruptcy. For further information please contact Ed Floyd or anyone from the ZFZ team to discuss this, or any of the other topics in the video series.

Asset attachments in the United States    Part 11 of our series on the tools and strategies that international businesses can use in an economic crisis to protect their positions.    Rule B attachment under US law allows a party to obtain security and jurisdiction over a counterparty. In time of economic turmoil when parties are faced with increasing counterparty risk and financial exposure, it can be an important tool to use.     When contracts are breached and payments are not made, our clients regularly look for assistance in securing their position. For us at ZFZ that means putting efforts in high gear and acting swiftly. We want to put a backstop to losses and prepare to recover as much as possible of any outstanding claim. Rule B attachment allows for parties with maritime claims to attach tangible and intangible property of a counterparty. It can be a valuable alternative to Rule C arrest, make up some of its shortcomings and help a commercial party to overcome difficulties in enforcing their claims.      Jonas Patzwall gives you the rundown on what to look for and what to expect when considering Rule B attachments. For further information please contact Jonas Patzwall or anyone from the ZFZ team to discuss this, or any of the other topics in the video series.