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MARITIME INDUSTRY SECTORS: LITIGATION & BANKRUPTCY
New York is the commercial center of the world, as well as a major port. Judges and lawyers in New York appreciate that fair, cost-effective and predictable dispute resolution is essential to the smooth flow of commercial activity in the city and port.
- One Case, One Attorney
- The same attorney can handle a case from inception through trial. The lawyer who handles pretrial aspects need not relinquish the case to another lawyer for trial.
- Technologically Sophisticated Courts and Procedures
- Leading the way in minimizing the burdens on parties, New York frequently allows testimony via telephone- or video-conferencing. Newer courtrooms, particularly in federal courts, are wired with state-of-the-art technology. Attorneys admitted to practice in the federal courts in New York may file papers electronically in those courts from anywhere in the world.
- Precedents and Predictability
- New York has a well-established body of precedent developed since the founding of the country. This precedent enables parties to more accurately analyze the risks entailed in a lawsuit and thereby resolve cases reasonably, well short of trial.
- Commercial Courts for Business Disputes
- The New York State Supreme Court (in Manhattan) has a special section dedicated to hearing only commercial disputes, unencumbered by tort litigation. This leads to earlier trial readiness and swifter final resolution.
- Federal Courts Promote Efficiencies
- The U.S. federal courts in New York assign both a judge and magistrate to each case. The magistrate streamlines pretrial proceedings and resolves discovery disputes. A magistrate may also hear the case (if the parties agree) for a faster and less expensive resolution. Court-supervised mediation is also available at no charge.
- Expertise of Judges
- The long terms for which judges in New York are appointed or elected to the bench enhance experience, impartiality and understanding of the parties’ positions.
- Bankruptcy Code Offers Management Control and Breathing Room
- Reorganization by existing management available under Chapter 11 in addition to liquidation under Chapter 7 by a court appointed trustee. In either case the automatic stay gives breathing room to companies and facilitates their ability to reorganize.
- Business Judgment Rule Protection in Bankruptcy
- Officers and directors who have acted with information and in good faith are protected from personal liability for company debts incurred while the company is in the zone of insolvency.
- Financing Possibilities in Bankruptcy Proceedings
- Well established market for third-party debtor-in-possession financing and claims trading.