Jody Wood on the Judicial Sale of Ships
The Beijing Convention provides a framework for the rights and obligations of stakeholders following judicial sale of ships, whether that be by judicial auction or by way of private treaty. The framework increases protection for prospective purchasers of those ships, usually being sold in the context of enforcement of maritime claim proceedings. The clearly stated aim of the Convention is to realise better value for ships sold in distressed circumstances, on the basis that higher prices benefit debtors and creditors alike.
In this update, we take a look at the main provisions of the Beijing Convention and what they mean for stakeholders in judicial sales of vessels.
Read the full article here.