This book covers the pressing issues of cross-border cases involving admiralty and bankruptcy law. For example, what should happen when a shipowner files an insolvency proceeding in one country, while at the same time facing an in rem action against its vessel in another country? Should the in rem action arising in one country be stayed or dismissed because of the existence of insolvency proceedings in another country?
The book discusses the relevant issues regarding the treatment of maritime creditors in the insolvency proceeding, the determination of the “centre of main interest” of an offshore shipping company, and the scope of a debtor's assets. The author uses a comparative law analysis, selecting four leading shipping countries – Australia, the UK, the US, and Singapore – and examining their approaches to the above three problems when applying the UNCITRAL Model Law regime.
The book also proposes a solution to help eliminate the ambiguity that occurred in maritime cross-border insolvency cases under the UNCITRAL Model law regime, with an eye to enhancing the development of the shipping industry.