Conflict and Response to the Jurisdiction in Maritime Cross-border Insolvency Cases

Abstract

Economic globalization has led to the continuous increase of multinational companies and enterprise groups in the field of shipping, an international and fully open international shipping market has initially formed, and the foreign-related business of shipping companies has also increased. But since the financial crisis, the shipping industry has been in a downturn, and bankruptcy cases of shipping companies continue to occur. In 2012, the world's second largest independent tanker operator, Overseas Ship Holding Group Inc (OSG), filed for bankruptcy protection; in 2013, STX Dalian went bankrupt; in 2014, the world's largest marine fuel oil supplier (OW Bunker) declared bankruptcy; in 2017, Hanjin Shipping, the world’s seventh largest shipping company, was declared bankrupt by a South Korean court. In this paper, we focus on the analysis for the legislative provisions and problems in judicial practice of the jurisdictional system of maritime cross-border insolvency cases, summarize the factors affecting the jurisdictional system of maritime cross-border insolvency cases by combining the criteria and theories of jurisdictional determination, draw on the legislative and judicial practice experience of major shipping countries, and put forward feasible suggestions to improve the jurisdictional system of maritime cross-border insolvency cases. This dissertation analyzes the conflict of jurisdiction between maritime and bankruptcy in the same jurisdiction and the conflict of jurisdiction in different jurisdictions from both horizontal and vertical dimensions; theoretically and practically, through the current regulations and judicial practice of China and major shipping countries, it puts forward feasible suggestions to improve the jurisdictional system of maritime cross-border bankruptcy cases in China.