Dutch auction definition

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Guide to insolvency in the shipping industry

Guide to insolvency in the shipping industry Insolvency law and admiralty or shipping law both look towards international harmonisation of legal regimes with the unification of certain rules through the use of international conventions. However, they have developed separately with little regard for one another. Thus where harmony was sought, in fact a number of peculiarities have arisen and parties dealing with a maritime insolvency need to bear these in mind. The biggest challenge to the traditional insolvency routes are the rights that stakeholders in the shipping industry have over the major tangible assets of shipping companies, ships, which arise by operation of: • internationally recognised traditional maritime law (known as maritime liens) • local statute, such as the Senior Courts Act 1981 in England which is replicated around the world but differs in the application and detail, and • international conventions, such as the International Convention Relating to the Arrest of Sea-Going Ships, Brussels 1952 (the ‘Brussels Convention’) (see International Convention Relating to the...

Terminating and exiting a corporate joint venture—fundamentals

Terminating and exiting a corporate joint venture—fundamentals Embarking on a joint venture (JV) relationship usually involves considerable planning and effort on the part of the JV parties who have decided to partner together for mutual gain (usually by sharing costs, resources and experience). When entering into a JV, the parties may already have views as to the circumstances leading to, and the timing of, termination of the JV. However, even where the parties have no explicit intentions at the outset as to the circumstances and timing for termination of the JV, consideration should be given to the events which could lead to its termination. The joint venture agreement/shareholders' agreement (JVA) will often set out, at the outset, procedures for termination of the JV and the circumstances in which a JV party can exit the JV. Termination of the JVA is distinct from liquidation of the joint venture company (JVC). Careful consideration should be given to the implications of ending or exiting a JV. Termination of a JV may take a number...