Study On Arrest Of Ships In Cross-border Maritime Insolvency And Cross-border Insolvency Legislation Of China

In recent years,due to the impact of the global economic situation,more and more shipping companies declared insolvency.Hanjin Shipping is one of the ten biggest shipping companies in the world,and it' s insolvency shocked people in this industry.Ships are important assets of shipping companies.Based on the international mobility of ships,ship arrest is fundamentally related to the payment of secured claims of debts by ships.As an important maritime procedure,in common law system,no ship arrest,no action in rem can be filed on the ship and in civil law system,ship seizure is the premise of auctioning the ship and then paying off the relevant maritime claims with proceeds of the auction.In cross-border maritime insolvency procedures,the insolvency procedure and the ship seizure procedure probably have conflicts of jurisdiction.Besides,the order of the two procedures affects the proportion of compensation of maritime creditors' and other creditors' claims.In the case of Hanjin Shipping insolvency,major shipping countries such as the United States,Singapore,Canada and Japan provided different levels of relief measures to the Korean restructuring procedure.Correspondingly,there are also different approaches of handling the relationship between ship seizure and insolvency procedure.In contrast,there are few provisions of China's insolvency law in the field of cross-border insolvency.The provisions on the recognition and relief of foreign insolvency procedures are far from satisfying practical needs,not to mention fixing the conflicts between insolvency procedures and ship arrest.Further improvement of law in this field is in great need.This dissertation attempts to analyze the ship seizure procedures in cross-border maritime bankruptcy,combining the insolvency legislation of major shipping countries and their attitude towards ship seizure in the insolvency of Hanjin Shipping,in order to summarize the experience and the future trend of cross-border insolvency legislation,and provide suggestions on improving China's cross-border insolvency legislation.This paper consists of three parts: Introduction,the Main Body and Conclusion.The main body part is divided into four chapters.The first chapter defines the concept of cross-border insolvency and ship seizure in this paper,and summarizes the current status of relevant legislation.The second chapter analyzes the conflicts of jurisdiction and entity rights brought about by cross-border insolvency procedures and ship seizure;The third chapter analyzes the United Nations Commission on International Trade Law(UNCITRAL)Model Law on Cross-border Insolvency,the legislativestatus of major shipping countries and how they handled ship seizure procedures in the case of Hanjin Shipping Insolvency;the fourth chapter is based on the analysis and conclusions of the previous chapters,summarizing China's current cross-border insolvency legislation and the relevant problems and discussing how to improve them.