The Draft Convention on the Recognition of the Consequences of the Judicial Sale of Ships: Possibilities, Problems, Consequences
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On February 22, 2022, the discussion session "The Draft Convention of the International Effects of Judicial Sale of Ships: Possibilities, Problems, Consequences” was held on the LF Talks online platform. The International and Comparative Law Research Center (ICLRC) was the organizer of the event were with the support of The United Nations Commission on International Trade Law (UNCITRAL) and the Ministry of Economic Development of the Russian Federation.
Since 2019, the United Nations Commission on International Trade Law (UNCITRAL) Working Group VI has been developing a Draft Convention on the Recognition of the Consequences of the Judicial Sale of Ships.
The Convention aims to solve the problem of registering the consequences of a judicial sale conducted in one State in the other State, where the sale is registered.
The Draft establishes that a judicial sale of a ship that confers clean title on the purchaser in one State Party has the effect in every other State Party.
What are the possible consequences of the accession to the Convention for shipowners, their creditors, maritime service providers, and crew? How could the document provisions be implemented into national law? These and other issues were discussed at the event dedicated to this international instrument.
The ICLRC is an observer in the Working Group VI. Following the event, the ICLRC could analyze and submit to the Working Group VI a position on the issues considered.