15.1 Introduction and background

15.1.1 This chapter1 attempts only to give a high-level overview of certain aspects of restructuring and insolvency law2 as they affect the global shipping industry. There have been a number of significant developments since the previous edition of this book, both legal and industry-related: the legal developments include: the increased importance of cross-border insolvency cooperation between different countries pursuant to either the Recast EU Insolvency Regulation3 or the UNCITRAL Model Law on Cross-Border Insolvency;4 the increasing growth and potential importance in various jurisdictions of court-supervised schemes of arrangement or restructuring plans, including as promoted by the European Restructuring Directive; and the impact of Brexit on each of the above. The industry-related developments include: the insolvency of Hanjin Shipping Company in August 2016; and a large number of insolvencies of maritime service providers to the offshore oil industry.