Draft International Instrument on Foreign Judicial Sales of Ships and their Recognition
Posted on: 28 Feb 2018
On Tuesday 27th February 2018, representatives from various countries have met in Malta to discuss a Draft International Instrument on Foreign Judicial Sales of Ships and their Recognition. This high level colloquium was organised by the Comité Maritime International (CMI) co-hosted by the Malta Ministry of Transport and the Malta Maritime Law Association (MMLA).
The CMI has been in existence since 1897, and over 50 National Maritime Law Associations from around the world, are currently members, including the MMLA. The objectives of the CMI are to contribute by all appropriate means and activities to the unification of maritime law in all its aspects and to promote the establishment of national associations of maritime Law and co-operate with other international organisations.
This colloquium was organised in order to discuss the draft instrument on the international recognition of judicial sale, which will now be presented, together with the outcome from the colloquium, to the United Nations Commission on International Trade Law ( UNCITRAL ), which could be another step in the creation of this convention which would be highly important for Malta. Maltese law provides a well-developed legal framework of maritime privileges and mortgages and is therefore very much sought after by international financiers and is favorable to mortgagees, where in case of a default it often leads to judicial sales.
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