The U.S. Perspective: Interpleader to the Rescue of Shipowners Following the O.W. Bunker Collapse
What happens when one of the largest bunker suppliers in the world unexpectedly files for insolvency restructuring? A mad dash to courthouses and ports around the world to seek to enforce liens, prevent vessel arrests, and/or protect interests as best as one can through the chaos. During the last nine months, the O.W. Bunker Group fallout has resulted in an intense burst of activity for the maritime industry. New York has been the main battleground in the U.S. concerning a novel way to protect shipowner interests which has initially been successful in curtailing and preventing vessel arrests.
Reprinted with permission from American Bar Association’s Admiralty and Maritime Law Committee Newsletter, Summer 2015.