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Commentary on the Beijing Convention on the Judicial Sale of Ships
October 9 2023
The UN has promoted a new convention that seeks to remedy the current issue of judicially sold ships not always being internationally recognised.
With international recognition purchasers obtain clean title, removing the risk that newly purchased vessels will be arrested in other jurisdictions for claims that existed prior to the sale.
It is expected that the reduced risk will result in higher judicial sale prices, benefiting both shipowners and creditors. The success of the Convention hinges on states opting into the Convention.
It is now open for signature at the UN Headquarters in New York and MFB's Kevin Cooper & Smuel Hacking have put together a note that explains all.
www.linkedin.com/feed/update/urn:li:activity:7117185254112534528
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