Law360, New York (February 26, 2013, 6:16 PM EST) -- Bankruptcies of international shipping companies are on the rise. These bankruptcies involve unique legal and practical issues given the transitory nature of ships, the foreign domicile of most shipping companies, and the awkward intersection of bankruptcy and admiralty law. With the shipping industry depressed, and the number of major shipping insolvencies increasing, lawyers should realize that there are traps for the unwary where bankruptcy and admiralty intersect.
The U.S. bankruptcy laws have objectives that are, in many respects, inconsistent with the objectives of admiralty...
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