Ann Fenech, Head of the Marine Litigation Department, last week delivered lectures at the International Maritime Law Institute in Malta on the brand new convention on the international effects of judicial sales of ships, which was recently signed by the European Union on the 14th of March.
The Convention seeks to ensure that purchasers of ships in judicial sales sold free and unencumbered are able to trade unrestrictedly without the fear of rearrest by previous creditors. The Convention is being considered as an all important one for financiers who may reach the stage of only extending finance for the purposes of purchasing vessels in judicial sales provided the sales are taking place in state parties or relate to vessels registered in state parties.