- 19
- Episodes
- 2020
- First episode
About ZFZ - How to Deal with an Economic Crisis
This ZFZ podcast series focuses on how to deal with an economic crisis as an international business. We will be discussing different legal topics and insights relevant to international businesses and hope to provide you with some novel perspectives and strategies to deal with the crisis. Stay tuned!
- Publisher
- ZFZ
- Category
- business
- Language
- en
- Explicit
- No
- First episode
- 29 Mar 2020
- Latest episode
- 15 May 2020
Latest episodes
19 episodes in the feed.
15 May 2020
17. Yassine Mghaieth and Luke Zadkovich discuss ship arrest, security proceedings, and COVID-19
Luke Zadkovich hosts Yassine Mghaieth in our ongoing series looking at the legal issues caused across the world by the COVID-19 crisis. Luke and Yassine discuss in detail the process for obtaining a ship arrest in the North African countries, and how the pandemic continues to effect the North African Courts. This podcast also includes commentary on the security actions that can be taken in Algeria, Tunisia and Morocco, along with a general overview of the way these countries are responding to the global pandemic. Yassine Mghaieth is a Tunisian maritime lawyer. His team works on both shipping and business matters, with offices in Tunisia, Morocco and Algeria. Yassine is an expert in his field and provides a unique insight into his jurisdiction's approach to the pandemic. Luke Zadkovich is a founding partner at ZFZ, and his work has seen him frequently deal with security actions, including vessel arrest, in North African jurisdictions.
11 May 2020
16. Ashwin Shanker and Luke Zadkovich discuss liens, LOIs, force majeure and COVID-19
Luke Zadkovich hosts Ashwin Shanker in our ongoing series looking at the legal issues caused across the world by the COVID-19 crisis. Luke and Ashwin look in detail at the issues thrown up by COVID-19 in India, including a fascinating insight into how to extract security against parties. Including commentary on security actions against vessels and cargo in support of claims. Ashwin Shanker is a Partner at the Chambers of George A Rebello, a leading shipping law boutique in India. Ashwin specialises in ship arrest/security actions in India, as well as dealing with all other types of maritime claim. Luke Zadkovich is a founding partner at ZFZ. Luke's work frequently includes security actions and Luke has recently published an article on ship owners' liens in the Tulane Maritime Law Journal.
1 Apr 2020
15. Personal Thoughts of Co-Founder, Luke Zadkovich
Luke Zadkovich's personal thoughts on the current crisis. We are all trying to come to terms with the devastating effect of the global pandemic. By communicating, we can hopefully share our concerns, come together and be part of the solution. Stay safe, keep healthy.
1 Apr 2020
14. Fraudulent and Voidable Transfers
Fraudulent asset transfers Part 14 of our series on the tools and strategies for how international businesses can deal with an economic crisis. Sadly, for some businesses, the economic crisis will put their backs against the wall. In those circumstances, some parties will be tempted to hide assets, rather than be exposed to liability. Following the financial collapse of 2008/2009, we saw an increase in fraudulent transfers. Tim McGovern has experience securing claims against assets that have been the subject of such fraudulent transfers, including an action against a publicly traded entity in respect of a USD 70 million liability. Tim sets out when and how these assets can be traced, so that they find their way back to the true creditor(s). For further information please contact Timothy McGovern or anyone from the ZFZ team to discuss this, or any of the other topics in the video series.
1 Apr 2020
13. Cross-Border Insolvency
Bankruptcy proceedings Part 13 in our series on how to deal with the economic crisis - a guide for international businesses. Edward Floyd, founding Partner at ZFZ, addresses US bankruptcy proceedings in light of recent events and gives an overview of the inner workings of Title 11 of the US Code. What protections can a creditor rely on when a counterparty is insolvent? This is a central consideration in protecting a party’s exposure in what is at best a timid market and may be a full-blown financial crisis. The US scheme also covers the handling of foreign bankruptcy proceedings and knowing the areas of law and issues where to stand your ground is key to maximize a creditor’s chances of prevailing and finding some measure of recovery in the collective proceeding that is bankruptcy. Having skilled counsel provide timely and dynamic advice as counterparty risk increases or defaults become apparent, can be of immense benefit to creditors. ZFZ has been very active in this area. We have been involved in high profile bankruptcies and are happy to discuss the cross-section between maritime law and bankruptcy. For further information please contact Ed Floyd or anyone from the ZFZ team to discuss this, or any of the other topics in the video series.
1 Apr 2020
12. Freezing Orders and Restraining Injunctions
Freezing injunctions Part 12 of our series on how to deal with an economic crisis - a guide for international businesses. Aiden Lerch, an Associate with ZFZ discusses freezing Injunctions in the English Courts. Freezing Injunctions are considered the “nuclear weapon” of the English Court. If successful, the restraint on the liberties of the injuncted person or business are severe. Typically, the Respondent (once served with a freezing order) is required to make a complete list of their assets, and can only use those assets in a very limited manner going forward. Going for a freezing order will almost certainly represent a significant escalation in the process of obtaining security. Normally these applications are used where there is a real prospect that the Respondent is trying to dispose of its assets; the moment for inter-partes dialogue has passed Applying for a freezing order requires a party to act quickly, aggressively and with detailed submissions. Aiden talks us through that detail. If you have a question about freezing orders, please contact Aiden or your normal ZFZ contact.
1 Apr 2020
11. Asset Attachments - Rule B
Asset attachments in the United States Part 11 of our series on the tools and strategies that international businesses can use in an economic crisis to protect their positions. Rule B attachment under US law allows a party to obtain security and jurisdiction over a counterparty. In time of economic turmoil when parties are faced with increasing counterparty risk and financial exposure, it can be an important tool to use. When contracts are breached and payments are not made, our clients regularly look for assistance in securing their position. For us at ZFZ that means putting efforts in high gear and acting swiftly. We want to put a backstop to losses and prepare to recover as much as possible of any outstanding claim. Rule B attachment allows for parties with maritime claims to attach tangible and intangible property of a counterparty. It can be a valuable alternative to Rule C arrest, make up some of its shortcomings and help a commercial party to overcome difficulties in enforcing their claims. Jonas Patzwall gives you the rundown on what to look for and what to expect when considering Rule B attachments. For further information please contact Jonas Patzwall or anyone from the ZFZ team to discuss this, or any of the other topics in the video series.
1 Apr 2020
10. Defending Vessel Arrests
Defending vessel arrests Part 10 of our series on how to deal with an economic crisis - a guide for international businesses. Luke Zadkovich, Partner, and Calum Cheyne, Associate of international law firm ZFZ share their experiences on defending vessel arrests. Our team of lawyers have extensive experience acting for shipowners and their P&I Clubs in managing vessel arrests, just as we have in acting for charterers/cargo interests, and other parties, in bringing arrests against vessels. Luke discussed what is involved in bringing a ship arrest in Part 9 of this series. In this talk, on defending arrests, Luke and Calum explain a number of factors which shipowners should have in mind, including pre-arrest steps, strategies and challenges to consider immediately upon service of arrest, how to handle security demands for release of the vessel and a few counter-claim ideas that shipowners may wish to bring against the arresting party. Importantly, wherever the arrest may be in the world, any of these steps should be undertaken in consultation with lawyers that will handle the underlying claim (typically English or US lawyers, such as ourselves). This is to ensure that no local action prejudices the shipowners' position on the underlying claim, both substantively and jurisdictionally. We would be pleased to hear whether you found this conversational style of presentation useful and engaging. Please do not hesitate to contact Luke or Calum for further information.
1 Apr 2020
9. Arresting Vessels for Security
How to deal with an economic crisis? A guide for international businesses. Today’s talk: Vessel arrests. Part 9 of our series on the tools and strategies that international companies can use to protect and mitigate their positions in the current climate. One sector our firm focuses on is the international trade and shipping sector. If you have a claim or lien against a ship or its owner, then you need to know about vessel arrests. Luke Zadkovich explains key factors involved. In this particular talk, we approach the topic primarily from the perspective of the arresting party. Typically that will be for charterers, cargo owners or third party interests (bunker suppliers, ports and terminals, crew, agents, service companies, and provision suppliers), although it could be shipowners that have chartered in tonnage to perform TBN business and are looking to the head owners for recovery. We also have extensive experience acting for shipowners and their P&I Clubs in defending vessel arrests. Our vast experience arresting ships certainly comes in useful when defending them. All participants in the maritime industry will gain from a refresher on ship arrests in the current climate. All participants in the maritime industry will gain from a refresher on ship arrests in this crisis. For further details, please contact Luke Zadkovich.
1 Apr 2020
8. Provisional Relief in Aid of Arbitration
Arbitral interim measures Part 8 of our series on the tools and strategies that international businesses can take to protect their positions in an economic crisis. The New York CPLR (Civil Practice Law and Rules) provide for a host of interim measures to secure a party’s position at the outset of arbitration. This can take different shapes, but New York has what should be considered a creditor-friendly scheme in place. Edward Floyd, Partner at ZFZ, shares his experience with aiding a creditor in a tough market. New York’s procedure is using a fairly low burden, requiring only a showing that an eventual award might be rendered ineffectual without provisional relief. This is a valuable tool to keep in mind, particularly when you cannot use Rule B – say if the claim is non-maritime, such as for a commercial product/commodity sales contract, and it contains an arbitration clause. Here at ZFZ, we are always looking to find creative solutions for our client’s problems. We combine maritime and non-maritime proceedings for optimal outcomes. Be in touch and we are happy to discuss. For further information please contact Ed Floyd or anyone from the ZFZ team to discuss this, or any of the other topics in the video series.
1 Apr 2020
7. Bunker Arrest - post Res Cogitans
Bunker arrests This is Part 7 of our series on how to deal with an economic crisis - a guide for international businesses. In 2016, the Supreme Court handed down its judgment in the Res Cogitans, the leading case arising out of the OW Bunkers insolvency. That case had a profound effect on the shipping market, with many ship operators left with debts to the physical suppliers of the bunkers, and to OW Bunkers’ liquidators. We are now entering the most serious economic downturn since that judgment. In that economic climate, it is fair to expect parties seeking security by ever more creative means, including an uptick in bunker arrests against time charterers. In the spirit of being prepared, we take a look at what the Res Cogitans means for bunker arrests. In particular, in the Res Cogitans the Supreme Court held that where bunker supply agreements are made on credit terms, with a retention of title clause pending payment, title to the bunkers remained in the bunker supplier. We look at whether charterers can rely on that judgment to defeat the attachment – after all, if charterers don’t actually own the bunkers, how can the arrest succeed? Contact Calum, or your normal ZFZ, for more.
1 Apr 2020
6. Pre-action discovery - s. 1782 and others
Pre-action discovery This is Part 6 of our series on the tools and strategies that international companies can use to protect their positions in the current economic situation. Eva-Maria Mayer explains a useful tool to gain access to the often much broader reel of discoverable evidence under the U.S. Federal Rules of Civil Procedure while litigating abroad. 28 U.S.C. 1782 provides parties in a foreign proceeding with a tool to gain access to the U.S. discovery rules. Such an application can be brought by a party to a foreign litigation against another party in such litigation or against a third-party in the district of the federal court where the application is being brought. The significant aspect of such an application is that it is not required that the discovery sought be admissible in the foreign tribunal – such determination is left to be made by such a foreign tribunal. This leads to parties gaining access to a much vaster array of discoverable materials than would often be the case in the jurisdiction where the foreign proceedings are taking place. Keeping in mind certain restrictions, and of course, meeting all required elements this can be a very useful tool in the age over globalization and ever growing international commercial agreements and disputes. For further information please contact Eva-Maria Mayer or anyone from the ZFZ team to discuss this, or any of the other topics in the video series.
1 Apr 2020
5. Shipowner's Liens over Cargo
Shipowner's lien over cargo. Part 5 of our series on how to deal with an economic crisis - a guide for international businesses. Luke Zadkovich unpacks the fundamental differences between the US and English approaches to shipowner's liens over cargo. This has been a hot topic for a few years now, most recently with the English liquidation of British Steel in 2019 and prior to that, the collapse Hanjin Shipping and others. One of the unfortunate business realities of an economic crisis is that it typically results in more bankruptcies and insolvencies. Edward Floyd discusses bankruptcy proceedings in detail later in this series. In this talk, we assess what a shipowner can do to secure its payments under a charterparty or bill of lading through the exercise of its cargo lien rights and other measures. Charterers/cargo interests will also be interested to navigate through these tricky scenarios. ps. look out for the Athos 1 unsafe berth analogy at 17:00mins - especially given the US Supreme Court's decision came out yesterday. If you have any further questions on this topic, please contact Luke Zadkovich.
1 Apr 2020
4. Demanding Assurances of Performance
Obtaining performance assurances in contracts. This is Part 4 of our series on the tools and strategies that international companies can use to protect their positions in the current economic situation. Luke Zadkovich explains a useful tool to flush out whether a contractual counterparty is in a position to up hold their end of the bargain. The United States UCC procedure of ‘demanding adequate assurances of performance’ is particularly relevant in economic uncertainty. The underlying principles of this approach go beyond US contract law and can inform strategies in dealing with counterparties internationally and in contracts subject to other governing laws. Early dialogue is recommended. As is assessing counterparty risk closely and using information gathered to manage that risk. This talk addresses strategies to employ during contract performance. In a later talk in this series, we will look at what you can do pre-contract to limit your exposure in this current market. We will also assess more serious action to obtain security and protect assets, where dialogue does not work or is inadvisable, in other upcoming talks. For further details, please contact Luke Zadkovich, or your usual contact at ZFZ.
1 Apr 2020
3. Pre-Contract Protection and Damages
Pre-contract protection - securing useful representations and creating contemplated damages. Part 3 of our series on how to deal with an economic crisis, Shannen Trout discusses what international businesses can do pre-contract. Obviously many deals now will be off the table in this market. Contraction is already happening. The price of oil has collapsed. As liquidity dries up, this situation might well get worse. However, there will be those in a position to continue deal-making. At this time, it is even more important to consider carefully what kind of representations or guarantees you can obtain before entering into contracts. An air-tight bank performance guarantee is the strongest, yet hardest to obtain. In this talk, we look at other options and assess what can be done in the context of representations and special damages awareness. These strategies are to be employed during commercial negotiations and put parties in a better position if things go wrong. For further information please contact Shannen Trout or anyone from the ZFZ team to discuss this, or any of the other topics in the video series.
1 Apr 2020
2. Early Contract and Charterparty Review
Contractual levers and measures Part 2 of our series on how to deal with an economic crisis - a guide for international businesses. Damon Thompson discusses the importance of reviewing your contracts and charterparties at an early stage in an economic downturn, as well as some key provisions to look out for following the outbreak of COVID-19. As liquidity tightens across the economy, parties will increasingly look to tighten the belt. Being on top of your charterparty provisions and understanding exactly where you stand is the first step for a company being ready to combat any speculative claims. Damon has years of experience in the legal industry, including eight years at a major energy trading company, so is well aware of what practical steps a company can take to protect its position. Damon looks at standard form exclusion clauses, safe port warranties and what parties can do now to protect their position over the coming weeks and months. If you have any questions, or would like someone to have a close look at your charterparty/contractual terms, please speak to Damon or your usual ZFZ contact.
1 Apr 2020
1. Relationships Matter
Relationships matter in a crisis Part 1 of our series on how to deal with an economic crisis - a guide for international businesses. Karl Greissinger joins us with over two decades of in-house experience in the energy sectors. In this video, Karl offers his invaluable insight into the key issues that businesses should keep close in mind as they deal with the day-to-day difficulties posed by the economic climate. While a lot of our guidance relates to specific legal steps that businesses can take, Karl is uniquely positioned to offer a commercial perspective. Relationships matter, and the way that a company conducts its business now could have an effect much more far reaching than the consequences of the ongoing global downturn. Contact your usual ZFZ contact, for more.
1 Apr 2020
Introduction - How to deal with an economic crisis as an international business
Introduction to 17-part ZFZ Series: How can international businesses deal with an economic crisis? In this video, Luke Zadkovich introduces our series on tools and strategies that international companies can use to protect and mitigate their positions. We are currently advising clients on these strategies almost daily. Economic crises, by their nature, rarely come announced. But once they do, early movers are better placed. Liquidity dries up. Payments are delayed or unpaid. Relationships are tested. Market prices drop significantly. Price volatility increases exponentially. Counterparty insolvency is a genuine prospect. This is not the first, nor will it be the last. While the causes will be different, previously successful strategies can and should be employed. Experience matters, and 2008 taught us a lot. Our strategies are nuanced, layered and staggered. Economic crisis management is bespoke and multi-faceted. It varies between different scenarios and relationships. Today is our intro. There is plenty more to come. We would love your feedback, comments, likes and shares. It all helps to get our message out there and assist more businesses during this concerning time. Your ongoing support is very much appreciated. Further details, please contact Luke Zadkovich or your usual ZFZ contact.
29 Mar 2020
Floyd Zadkovich - How to deal with an economic crisis as an international business
This Floyd Zadkovich podcast series focuses on how to deal with an economic crisis as an international business. We will be discussing different legal topics and insights relevant to international businesses and hope to provide you with some novel perspectives and strategies to deal with the crisis. Stay tuned!
Contact ZFZ - How to Deal with an Economic Crisis
- Guest appearances
- Books guests
Based on episode analysis; this does not confirm that the show is currently accepting guests.
Host of ZFZ - How to Deal with an Economic Crisis?
Claim your podcast to manage its listing and keep your show details accurate.
Pod Engine is an independent podcast discovery and analytics service and is not affiliated with or endorsed by this podcast. Artwork and show content belong to their owners. Full legal notice.
Explore this show
Podcast research with Pod Engine