ZFZ - How to Deal with an Economic Crisis ZFZ

Luke Zadkovich hosts Yassine Mghaieth in our ongoing series looking at the legal issues caused across the world by the COVID-19 crisis. 
Luke and Yassine discuss in detail the process for obtaining a ship arrest in the North African countries, and how the pandemic continues to effect the North African Courts. This podcast also includes commentary on the security actions that can be taken in Algeria, Tunisia and Morocco, along with a general overview of the way these countries are responding to the global pandemic.

Yassine Mghaieth is a Tunisian maritime lawyer. His team works on both shipping and business matters, with offices in Tunisia, Morocco and Algeria. Yassine is an expert in his field and provides a unique insight into his jurisdiction's approach to the pandemic.

Luke Zadkovich is a founding partner at ZFZ, and his work has seen him frequently deal with security actions, including vessel arrest, in North African jurisdictions.

Luke Zadkovich hosts Ashwin Shanker in our ongoing series looking at the legal issues caused across the world by the COVID-19 crisis.
Luke and Ashwin look in detail at the issues thrown up by COVID-19 in India, including a fascinating insight into how to extract security against parties. Including commentary on security actions against vessels and cargo in support of claims.
Ashwin Shanker is a Partner at the Chambers of George A Rebello, a leading shipping law boutique in India. Ashwin specialises in ship arrest/security actions in India, as well as dealing with all other types of maritime claim.
Luke Zadkovich is a founding partner at ZFZ. Luke's work frequently includes security actions and Luke has recently published an article on ship owners' liens in the Tulane Maritime Law Journal.

Luke Zadkovich's personal thoughts on the current crisis.  

We are all trying to come to terms with the devastating effect of the global pandemic.  By communicating, we can hopefully share our concerns, come together and be part of the solution.  

Stay safe, keep healthy.

Fraudulent asset transfers  

Part 14 of our series on the tools and strategies for how international businesses can deal with an economic crisis.  

Sadly, for some businesses, the economic crisis will put their backs against the wall. In those circumstances, some parties will be tempted to hide assets, rather than be exposed to liability. Following the financial collapse of 2008/2009, we saw an increase in fraudulent transfers.   

Tim McGovern has experience securing claims against assets that have been the subject of such fraudulent transfers, including an action against a publicly traded entity in respect of a USD 70 million liability.  Tim sets out when and how these assets can be traced, so that they find their way back to the true creditor(s).

For further information please contact Timothy McGovern or anyone from the ZFZ team to discuss this, or any of the other topics in the video series.

Bankruptcy proceedings  

Part 13 in our series on how to deal with the economic crisis - a guide for international businesses.  

Edward Floyd, founding Partner at ZFZ, addresses US bankruptcy proceedings in light of recent events and gives an overview of the inner workings of Title 11 of the US Code.  

What protections can a creditor rely on when a counterparty is insolvent? This is a central consideration in protecting a party’s exposure in what is at best a timid market and may be a full-blown financial crisis. The US scheme also covers the handling of foreign bankruptcy proceedings and knowing the areas of law and issues where to stand your ground is key to maximize a creditor’s chances of prevailing and finding some measure of recovery in the collective proceeding that is bankruptcy. Having skilled counsel provide timely and dynamic advice as counterparty risk increases or defaults become apparent, can be of immense benefit to creditors.  

ZFZ has been very active in this area.  We have been involved in high profile bankruptcies and are happy to discuss the cross-section between maritime law and bankruptcy.

For further information please contact Ed Floyd or anyone from the ZFZ team to discuss this, or any of the other topics in the video series.

Freezing injunctions  

Part 12 of our series on how to deal with an economic crisis - a guide for international businesses.  

Aiden Lerch, an Associate with ZFZ discusses freezing Injunctions in the English Courts.  

Freezing Injunctions are considered the “nuclear weapon” of the English Court. If successful, the restraint on the liberties of the injuncted person or business are severe. Typically, the Respondent (once served with a freezing order) is required to make a complete list of their assets, and can only use those assets in a very limited manner going forward.  

Going for a freezing order will almost certainly represent a significant escalation in the process of obtaining security. Normally these applications are used where there is a real prospect that the Respondent is trying to dispose of its assets; the moment for inter-partes dialogue has passed  

Applying for a freezing order requires a party to act quickly, aggressively and with detailed submissions. Aiden talks us through that detail.

If you have a question about freezing orders, please contact Aiden or your normal ZFZ contact.