Asset Attachments – Rule B Early Contract and Charterparty Review (Part 11 of Economic Crisis Series)
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.