Filing Claims in the Hanjin's Bankruptcy: 10.07.2016

2016-10-11 22:19
On September 1, 2016, the Bankruptcy Division of the Seoul Central District Court issued a decision for the Commencement of the Rehabilitation Proceedings of Hanjin Shipping Co., Ltd.

According to the Debtor Rehabilitation and Bankruptcy Act of Korea, rehabilitation claims are those which based on facts that existed prior to the commencement of rehabilitation proceedings.

Filing of claims against Hanjin Shipping Co., Ltd

All creditors, those who hold rehabilitation claims and/or rehabilitation security rights must file their claims within the specified period: October 11, 2016 ~ October 25, 2016.

The deadline to file is October 25, 2016 by 6:00pm Korean Time (GMT+9). Any claims not filed within the specified period or later reported to the bankruptcy court will be excluded from the rehabilitation plan making such claims unenforceable against Hanjin Shipping Co., Ltd.

It can take time to prepare all the documents, and transmit them for filing in the Korean Bankruptcy Court (Bankruptcy Division of the Seoul Central District Court). Due to the venue requirements, all documents shall be filed in Korean only and any documents not written in Korean shall be translated in Korean.

For this reason, clients should not delay in contacting our office for assistance. Your delay may result in a loss of rights, and/or your ability to file an acceptable claim in this matter.

Filing in the Korean Courts is significantly different from their United States counterparts, for this reason, and because all noncomplying claims will be rejected, it is important to retain attorneys familiar with both the United States and Korean Court systems, and that have the ability to properly translate and file documents in the Korean language.

All clients with claims should gather and provide our office with the following information without delay:

• Documents of all money owed by Hanjin Shipping or its affiliates, including all supporting documents, invoices, waybills, and other documents necessary to prove the claims' validity.
• All corporate clients should also have a copy of their corporate register certificates. If you are unsure what these items are, please contact our office for further clarification.
• All individual clients should have their personal identification and business registration certificates or licenses. Again, if you are unaware what these items are, please contact our office for further clarification.
• A list of any lawsuits filed, pending, or adjudicated against Hanjin Shipping, including case number, the parties involved, the Court involved, and the current case status.

Once the documents and other information have been submitted to our office, clients should ensure their availability to ensure all prepare documents are properly executed and finalized in a timely manner.
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