• Cross-Border InsolvencyEarly Contract and Charterparty Review (Part 13 of Economic Crisis Series)

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    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.

  • Freezing Orders and Restraining InjunctionsEarly Contract and Charterparty Review (Part 12 of Economic Crisis Series)

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    Freezing injunctions   Part 12 of our series on how to deal with an economic crisis – a guide for international businesses.  Aiden Lerch, an Associate with ZFZ discusses freezing Injunctions in the English Courts.   Freezing Injunctions are considered the “nuclear weapon” of the English Court. If successful, the restraint on the liberties of the injuncted person or business are severe. Typically, the Respondent (once served with a freezing order) is required to make a complete list of their assets, and can only use those assets in a very limited manner going forward.   Going for a freezing order will almost certainly represent a significant escalation in the process of obtaining security. Normally these applications are used where there is a real prospect that the Respondent is trying to dispose of its assets; the moment for inter-partes dialogue has passed   Applying for a freezing order requires a party to act quickly, aggressively and with detailed submissions. Aiden talks us through that detail. If you have a question about freezing orders, please contact Aiden or your normal ZFZ contact.
  • Asset Attachments – Rule B Early Contract and Charterparty Review (Part 11 of Economic Crisis Series)

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    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.

  • Defending Vessel Arrests Early Contract and Charterparty Review (Part 10 of Economic Crisis Series)

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    Defending vessel arrests   Part 10 of our series on how to deal with an economic crisis – a guide for international businesses.   Luke Zadkovich, Partner, and Calum Cheyne, Associate of international law firm ZFZ share their experiences on defending vessel arrests.   Our team of lawyers have extensive experience acting for shipowners and their P&I Clubs in managing vessel arrests, just as we have in acting for charterers/cargo interests, and other parties, in bringing arrests against vessels.  Luke discussed what is involved in bringing a ship arrest in Part 9 of this series.   In this talk, on defending arrests, Luke and Calum explain a number of factors which shipowners should have in mind, including pre-arrest steps, strategies and challenges to consider immediately upon service of arrest, how to handle security demands for release of the vessel and a few counter-claim ideas that shipowners may wish to bring against the arresting party.     Importantly, wherever the arrest may be in the world, any of these steps should be undertaken in consultation with lawyers that will handle the underlying claim (typically English or US lawyers, such as ourselves).  This is to ensure that no local action prejudices the shipowners’ position on the underlying claim, both substantively and jurisdictionally.   We would be pleased to hear whether you found this conversational style of presentation useful and engaging.  Please do not hesitate to contact Luke or Calum for further information.
  • Arresting Vessels for Security Early Contract and Charterparty Review (Part 9 of Economic Crisis Series)

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    How to deal with an economic crisis?  A guide for international businesses.  Today’s talk:  Vessel arrests.   Part 9 of our series on the tools and strategies that international companies can use to protect and mitigate their positions in the current climate.   One sector our firm focuses on is the international trade and shipping sector.  If you have a claim or lien against a ship or its owner, then you need to know about vessel arrests.  Luke Zadkovich explains key factors involved.   In this particular talk, we approach the topic primarily from the perspective of the arresting party.  Typically that will be for charterers, cargo owners or third party interests (bunker suppliers, ports and terminals, crew, agents, service companies, and provision suppliers), although it could be shipowners that have chartered in tonnage to perform TBN business and are looking to the head owners for recovery.   We also have extensive experience acting for shipowners and their P&I Clubs in defending vessel arrests.  Our vast experience arresting ships certainly comes in useful when defending them.   All participants in the maritime industry will gain from a refresher on ship arrests in the current climate. All participants in the maritime industry will gain from a refresher on ship arrests in this crisis.   For further details, please contact Luke Zadkovich.
  • Provisional Relief in Aid of Arbitration Early Contract and Charterparty Review (Part 8 of Economic Crisis Series)

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    Arbitral interim measures   Part 8 of our series on the tools and strategies that international businesses can take to protect their positions in an economic crisis.   The New York CPLR (Civil Practice Law and Rules) provide for a host of interim measures to secure a party’s position at the outset of arbitration. This can take different shapes, but New York has what should be considered a creditor-friendly scheme in place.   Edward Floyd, Partner at ZFZ, shares his experience with aiding a creditor in a tough market. New York’s procedure is using a fairly low burden, requiring only a showing that an eventual award might be rendered ineffectual without provisional relief.    This is a valuable tool to keep in mind, particularly when you cannot use Rule B – say if the claim is non-maritime, such as for a commercial product/commodity sales contract, and it contains an arbitration clause.    Here at ZFZ, we are always looking to find creative solutions for our client’s problems.  We combine maritime and non-maritime proceedings for optimal outcomes. Be in touch and we are happy to discuss. 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.