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HFW Briefing: “Copenship” insolvency and other news

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HFW Briefing 12022015 -

“Copenship” insolvency

4 February 2015 saw Copenship A/S, a significant charterer of bulk vessels, and its subsidiary Copenship Bunkers A/S, file for bankruptcy in the Copenhagen Maritime and Commercial Court.

The bankruptcy of Copenship marks the latest in a series of recent high-profile shipping insolvencies, and with no significant improvement to the bulk market in sight there may well be more to come.

The early indications from Per Astrup Madsen of LETT Advokatpartnerselskab, the court appointed Trustee in Bankruptcy, make difficult reading for unsecured creditors – with only a minimal dividend payout predicted.
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