IMO Legal Committee 102nd Session proposal

IMO-foreign-judicial-sales-ship

IMO held the 102nd Session of its Legal Committee from 14-16 April 2015 in London.

The Committee took note of a draft convention developed by the Comité Maritime International (CMI), the purpose of which was to ensure international uniformity in relation to judicial ship sale procedures and to reinforce the principle that the purchaser of a ship in a judicial sale by a competent court should receive clean title to the ship, free of any pre-existing mortgages, liens or other encumbrances.

It was proposed that this would make the judicial sale of ships less disruptive to shipping and that the certainty brought by the draft convention would reduce the purchaser's risks, thereby ensuring a more realistic sale price.

The Committee considered that this item might be included in its work programme, subject to it being co sponsored by one or more Member States and agreed by the Committee. The CMI and interested States were invited to make submissions to its next session and the Secretariat was requested to liaise with other relevant UN agencies.

Source: IMO

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