shippingposition
  • Home
  • News
  • Editorial
    • Vox Pop
  • Maritime safety
  • Oil and Gas
  • Personality
  • Health
No Result
View All Result
shippingposition

Home » UN Adopts Global Convention On The Sale Of Ships By Courts

UN Adopts Global Convention On The Sale Of Ships By Courts

by Joshua
December 13, 2022
in News

The United Nations General Assembly has adopted the United Nations Convention on the International Effects of Judicial Sales of Ships. It was adopted on 7 December 2022.

UN

The General Assembly authorized a signing ceremony for the Convention to be held as soon as practicable in 2023 in Beijing and recommended the Convention be known as the “Beijing Convention on the Judicial Sale of Ships”.

In most States, courts have the authority to order the sale of a ship to satisfy a claim that is brought against the ship or shipowner. Such a claim is typically brought to foreclose a ship mortgage (in the event of default in repayment) or to enforce a maritime lien against the ship. The judicial sale procedure is typically preceded by the arrest of the ship.

While the international community has achieved significant progress in harmonizing rules on the arrest of ships, much less progress has been achieved in harmonizing rules on the judicial sale of ships, which remain subject to widely varying domestic laws. The Beijing Convention will enhance legal certainty by creating a uniform regime for the international effects of judicial sales of ships.

The Convention is expected to provide legal protection for purchasers of ships sold by judicial sale, while safeguarding the interests of shipowners and creditors. It does this by providing uniform rules that the clean title acquired by the purchaser in the ship will be recognized internationally, while requiring a certificate of judicial sale only to be issued if certain safeguards are met, including notification of the shipowner, creditors, and other interested parties.

It is expected that these safeguards will positively impact the price realized at judicial sales of ships, to the benefit of both shipowners and creditors, including lienholders and ship financiers. The International Maritime Organization will act as the repository of notices and certificates of judicial sales under the Convention.

Read Also:  Ukraine Port Of Odesa Not Operating After Russian Drone Attack

The General Assembly calls on Governments and regional economic integration organizations to consider joining the convention to strengthen the international legal framework for shipping and navigation.

The United Nations Commission on International Trade Law (UNCITRAL) is the core legal body of the United Nations system in the field of international trade law. Its mandate is to remove legal obstacles to international trade by progressively modernizing and harmonizing trade law. It prepares legal texts in a number of key areas such as international commercial dispute settlement, electronic commerce, insolvency, international payments, sale of goods, transport law, procurement and infrastructure development. UNCITRAL also provides technical assistance to law reform activities, including assisting Member States to review and assess their law reform needs and to draft the legislation required to implement UNCITRAL texts. The UNCITRAL Secretariat is located in Vienna, Austria.

Source: Shipping Australia

shippingposition

Kindly like us on Facebook/twitter


Tags: United Nations

Related Posts

BREAKING: President Buhari Commissions Dala Inland Dry Port

BREAKING: President Buhari Commissions Dala Inland Dry Port

January 30, 2023
Despite Commissioning, Infrastructure Deficits Delay Actual Commercial Operations At Lekki Port By Months  

Despite Commissioning, Infrastructure Deficits Delay Actual Commercial Operations At Lekki Port By Months  

January 30, 2023
Suspense At CRFFN As Governing Council Considers Reappointing Nwakohu As Registrar    

Suspense At CRFFN As Governing Council Considers Reappointing Nwakohu As Registrar    

January 30, 2023
Lawyers Pessimistic About Maritime Bills Awaiting Passage, President’s Assent     

Lawyers Pessimistic About Maritime Bills Awaiting Passage, President’s Assent     

January 30, 2023

Latest News

LASWA Trains School Children in Riverine Public Schools in Epe Swimming Lessons 

LASWA Trains School Children in Riverine Public Schools in Epe Swimming Lessons 

January 30, 2023

QUESTION OF THE WEEK: What is “Shipped On Board” in Logistics?

SHIP TALK: Different Types Of Bill Of Lading

Shipping Company Sentenced in MARPOL Violation Case, Engineer Acquitted

INCREDIBLE: Boy Ends up Accidentally Traveling 1600NM in a Locked Shipping Container

Minister Hails Military’s Fight Against Piracy In Gulf Of Guinea

U.S. Naval Commander Attributes Drop In Piracy To Obangame Exercises

Here’s Welcoming Lekki Deep Seaport

Do you think the Federal Government is sincere about the CVFF disbursement?

BREAKING: President Buhari Commissions Dala Inland Dry Port

VESSELS EXPECTED AT LAGOS PORTS AS AT 30TH JANUARY, 2023.

Despite Commissioning, Infrastructure Deficits Delay Actual Commercial Operations At Lekki Port By Months  

kindly like our Facebook page

Health

Unhealthy Environment Causes 12.6m Deaths Worldwide, WHO Says
Health

Unhealthy Environment Causes 12.6m Deaths Worldwide, WHO Says

December 19, 2022

The World Health Organisation has said that the number of people estimated to have died as a result of living...

Health Benefits And Side Effects Of Bitter Leaf

Health Benefits And Side Effects Of Bitter Leaf

December 12, 2022
More Women May Die During Childbirth In West Africa — Report

More Women May Die During Childbirth In West Africa — Report

December 12, 2022
The Many Wonderful Uses Of Onions

The Many Wonderful Uses Of Onions

December 5, 2022
Nigeria Yet To Achieve 70% COVID-19 Immunisation Coverage, Says NPHCDA

Nigeria Yet To Achieve 70% COVID-19 Immunisation Coverage, Says NPHCDA

December 5, 2022
COVID-19 Cases Increasing, Continue With Preventive Measures — UITH-ARD Warns

COVID-19 Cases Increasing, Continue With Preventive Measures — UITH-ARD Warns

December 5, 2022
Panic As Monkeypox Spreads To 32 States, Cases Now 604

Panic As Monkeypox Spreads To 32 States, Cases Now 604

November 28, 2022
Over 1bn Youths Risk Hearing Loss From Headphones, Loud Music — Study

Over 1bn Youths Risk Hearing Loss From Headphones, Loud Music — Study

November 28, 2022
Consuming Undercooked Meat May Lead To Tuberculosis — Epidemiologist

Consuming Undercooked Meat May Lead To Tuberculosis — Epidemiologist

November 28, 2022
Infertility Red Flags Men, Women Should Not Ignore – Experts

Infertility Red Flags Men, Women Should Not Ignore – Experts

November 28, 2022

© 2021 Shippingposition

Navigate Site

  • Home
  • About Us
  • Contact us
  • Privacy Policy
  • Sitemap
  • Terms

Follow Us

No Result
View All Result
  • News
  • Coast To Coast
  • Oil and Gas
  • Maritime Education
  • The Terminals
  • Maritime safety

© 2021 Shippingposition