UNICITRAL Working Group V1 met virtually in Vienna between the 14th and the 18th of December to deliberate the 2nd Draft of the International instrument on the effect of Judicial Sale of Ships – the Beijing Draft. Ann Fenech, president of the MMLA and vice president of the Comite Maritime International is the CMI co-ordinator for this project being considered by Working Group V1.
Great progress was achieved thanks to the combined effort and hard work of the Chair Prof. Beata Czerwenka, the Secretariat led by Dr. Jose Angelo Estrella Faria and a great number of State and NGO delegations. The deliverable remains an international Convention by virtue of which the free and unencumbered title in a vessel purchased in a judicial sale is recognised by State parties to guarantee that a vessel fetches the maximum price in a judicial sale for the benefit of the creditors guaranteeing at the same time the peaceful possession and use of the newly purchased vessel by the bona fide purchaser.
by Dr Ann Fenech, Fenech & Fenech Advocates