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Beijing convention on the judicial sale of ships
October 17 , 2023
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- 15 countries, including China, Saudi Arabia, Singapore and Switzerland, signed the UN Convention on the International Effects of Judicial Sales of Ships.
- It aims to promote legal certainty and predictability at the international level by creating a uniform regime for the international effects of ‘judicial’ sales of ships.
- The Beijing Convention on the Judicial Sale of Ships, as it is now known, was developed by the United Nations Commission on International Trade Law (UNCITRAL).
- It addresses the problem of bona fide new owners and those financing the purchase of vessels.
- For instance, it is dealing with previous creditors laying claim to the ship as security for a loan.
- The International Maritime Organisation (IMO) acting as the repository for these notices and certificates of judicial sale.
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