Welcome to the July 2017 issue of Legalseas.
Singapore – the next jurisdiction of choice for cross-border restructuring?
The Singapore Companies Act has adapted parts of Chapter 11 of the United States Bankruptcy Code. Sue Ann Gan in Singapore and Chew Kei-Jin of Ascendant Legal look at how the changes will enhance Singapore’s reputation as a forum of choice for restructuring for shipping and offshore companies.
UK Bribery Act 2010 – where are we now?
Six years after the UK Bribery Act came into force, Philip Roche and Emma Humphries in London discuss the practical aspects shipowners, managers and charterers should consider when developing a workable ABC policy.
Shipbuilding contracts: how to preserve refund guarantees and the use of anti-avoidance clauses
The continuing difficult shipping market has left a number of shipbuilders facing financial difficulties, with the result that amendments are being made to shipbuilding contracts with increased frequency. John Liberopoulos and Konstantinos Kofopoulos in Athens consider what bearing this has on refund guarantees provided to the buyer, and how the benefit of a refund guarantee can be best preserved when guarantee obligations are amended.
The dangers of fires at sea: Damage to containerised cargo
Carol Holness in Durban explores the key considerations for shipowners, carriers, cargo interests and insurers in the event of a fire at sea.
Star Polaris – consequential loss in shipbuilding disputes
Peter Glover in Hong Kong and Jason Lemann in Tokyo look at the recent Star Polaris shipbuilding case and what the English High Court judgment will mean for the interpretation of limitation of liability clauses in a variety of contracts subject to English law.
Current status over the recognition of registered ship mortgages in Brazil
A judgment handed down by the Appeals Court in Sao Paulo in the OSX3 case last year cast doubt on the validity of foreign law governed ship mortgages in Brazil. In this article, Paul Coggins and Yui Ota in Tokyo and Alison Baxter in Brazil provide an update on the current status.