LEE & ANOR V KOREA LINE CORPORATION HC AK CIV 2011-404-001315

LEE & ANOR V KOREA LINE CORPORATION HC AK CIV 2011-404-001315

The statutory requirements of the Insolvency (Cross-Border) Act 2006 were satisfied: applicants are duly appointed foreign representatives, the Korean rehabilitation proceeding is properly commenced and Korea is the debtor's centre of main interests, certified foreign orders were produced and creditors' interests were protected by reserved leave; therefore the Korean proceeding is recognised as a foreign main proceeding and the consequential stays and suspensions were ordered, with formal service dispensed with by consent.

Citation
openlaw-12cbb6bb_f2b7_4b46_818b_1de740f8701a.pdf
Parties
Applicant (joint Receiver): Jin Bang Lee; Applicant (joint Receiver): Byung Nam Choi; Respondent (debtor): Korea Line Corporation
Court
High Court
Jurisdiction
New Zealand
Judgment Date
14 March 2011
Procedural Posture
Recognition of Foreign Insolvency Proceeding Under Insolvency (cross Border) Act 2006 / Application on Papers for Recognition as Foreign Main Proceeding; Judgment Given on Papers
Outcome
Application granted; Korean rehabilitation proceeding recognised as a foreign main proceeding; stays and suspensions ordered; leave reserved to creditors
Legal Topics
Recognition of Foreign Proceedings, Foreign Main Proceeding, Stay of Proceedings and Asset Suspension, Receivership
Insolvency Cross Border Insolvency Bankruptcy/rehabilitation Maritime Law Recognition of Foreign Proceedings Foreign Main Proceeding Stay of Proceedings and Asset Suspension Receivership

Case Brief

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Parties

Jin Bang Lee

Applicant (joint Receiver)

Byung Nam Choi

Applicant (joint Receiver)

Korea Line Corporation

Respondent (debtor)

Procedural Posture

Recognition of Foreign Insolvency Proceeding Under Insolvency (cross Border) Act 2006 / Application on Papers for Recognition as Foreign Main Proceeding; Judgment Given on Papers

Legal Issues

  1. 1 Whether formal service could be dispensed with
  2. 2 Whether applicants are foreign representatives under the Act
  3. 3 Whether the Korean rehabilitation proceeding qualifies as a foreign proceeding and as a foreign main proceeding

Ratio Decidendi

The statutory requirements of the Insolvency (Cross-Border) Act 2006 were satisfied: applicants are duly appointed foreign representatives, the Korean rehabilitation proceeding is properly commenced and Korea is the debtor's centre of main interests, certified foreign orders were produced and creditors' interests were protected by reserved leave; therefore the Korean proceeding is recognised as a foreign main proceeding and the consequential stays and suspensions were ordered, with formal service dispensed with by consent.

Court Disposition

Application granted; Korean rehabilitation proceeding recognised as a foreign main proceeding; stays and suspensions ordered; leave reserved to creditors

Orders

  • Application may proceed without service on the debtor or a New Zealand agent or representative of the debtor.
  • The Seoul Central District Court, Fourth Bankruptcy Division, Case 2011 Hoe-Hap 14 Rehabilitation is recognised as a foreign proceeding.