The United Nations General Assembly adopted the UN Convention on the International Effects of Judicial Sales of Ships

The United Nations General Assembly  adopted on 7 December 2022 the United Nations Convention on the International  Effects of Judicial Sales of Ships.
The Convention is the result of dedicated work of prominent experts from CMI and UNCITRAL with the aim of protecting the interest of international trade on the basis of equality and mutual benefit.

For that purpose, it was necessary to establish uniform rules that promote the dissemination of information on prospective judicial sales to interested parties and to give international effects to judicial sales of ships. The Convention should offer an appropriate legal protection to new purchasers considering that their newly purchased ship will not be subject to an arrest by previous creditors.

The signing ceremony for the Convention will be held in 2023 in Beijing.