EU insolvency law protection can apply to non-EU ships
The United Nations Convention on the Law of the Sea says that ships have the nationality of their flag state, and that ships are subject exclusively to the flag state’s jurisdiction on the high seas. The flag state also has a duty to assume jurisdiction o
OW Bunker faces insolvency, files for in-court restructuring of subsidiaries
OW Bunker has filed for in-court restructuring for major parts of its business and the subsidiaries involved face insolvency following the uncovering a $125m fraud in Singapore and a $150m risk management loss.