BIMCO and ICS welcome Beijing Convention coming into force

AI Summary

The Beijing Convention has officially entered into force, welcomed by BIMCO and ICS. This international agreement establishes regulations for the judicial sale of ships and aims to enhance legal clarity in maritime transactions.

The Convention, officially the United Nations Convention on the International Effects of Judicial Sale of Ships, entered into force on 17 February. The Convention is intended to address the transborder effects of judicial sales and aims to clarify the legal uncertainty regarding the clean title which the judicial sale is supposed to confer upon the ...