SUK V HANJIN SHIPPING CO LTD

[2017] FCA 404, Federal Court of Australia, New South Wales Registry, Jagot J, 12 April 2017

Insolvency - Recognition of foreign main proceedings and foreign representative - Foreign proceeding terminated - Failure to notify - Cross-Border Insolvency Act 2008

On 2 February 2017 rehabilitation proceedings in Seoul with respect to Hanjin Shipping, recognised as foreign main proceedings, were terminated with a bankruptcy declaration. This triggered a duty of the appointed foreign representative in Australia, Mr Suk, to inform the courts of the change in status, but no action was taken. On 28 March 2017, Jagot J vacated the order protecting Hanjin's assets in Australia and restrained Hanjin and others from transferring them from Australia or otherwise disposing of them. A return date of 12 April 2017 was set. On that date, the judge proceeded to vacate the order recognising the foreign main proceedings and appointing Mr Suk as foreign representative.