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Singapore courts grant interim stay order for Hanjin Shipping

Singapore courts grant interim stay order for Hanjin Shipping
The Singapore High Court has granted an interim stay order recognising Hanjin Shipping’s rehabilitation proceedings in the Seoul courts.

The Straits Times reported that Judicial Commissioner Aedit Abdullah approved the interim order pending full hearing to see if it should be extended until 25 January next year.

"The imperative for orderly rehabilitation and restructuring of a company running a global business across jurisdictions, and the need to ensure that the company's assets could be marshalled and collected for such effort, both provided sufficiently strong grounds for the exercise of the inherent powers of the court to grant the restraint and stay orders," said the judge in brief decision grounds published on Thursday.

The order will prevent the arrest of Hanjin ships in Singapore waters and should allow the company to its vessels into the port to unload, assuming it is able to port and handling fees to do so. One vessel owned by the Korean company Hanjin Rome has been under arrest in Singapore waters since the 30 August, the day before it filed for receivership.

Singapore joins the US and UK in recognising the Korean bankruptcy protection order, with Hanjin reportedly filing for similar orders in a total of 43 countries.

Read all the background to the Hanjin Shipping bankruptcy on our timeline