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'Satisfactory for its Own Purposes': Private Direct Arrangements and Judicial Vessel Sales

(2016) 22 Journal of International Maritime Law 355-369

20 Pages Posted: 23 Feb 2017  

Paul Myburgh

National University of Singapore

Date Written: September 1, 2016

Abstract

Maritime creditors (typically mortgagee banks) frequently petition admiralty courts to bypass the normal judicial vessel sale process by approving a pre-arranged private direct sale to a preferred purchaser. This article examines the reasons for a cautious or even hostile judicial response to such arrangements, and analyses the exceptional circumstances in which courts may sanction private direct arrangements as judicial sales. The issue of recognition of the legal effects of foreign judicial sales is also discussed, with reference to both the relevant common law principles and the CMI draft Convention on Foreign Judicial Sales of Ships and their Recognition.

Keywords: admiralty, maritime, ships, judicial sale, recognition, enforcement, judgments, in rem

JEL Classification: K10, K11, K12, K22, K33, K41

Suggested Citation

Myburgh, Paul, 'Satisfactory for its Own Purposes': Private Direct Arrangements and Judicial Vessel Sales (September 1, 2016). (2016) 22 Journal of International Maritime Law 355-369. Available at SSRN: https://ssrn.com/abstract=2921700

Paul Myburgh (Contact Author)

National University of Singapore ( email )

469G Bukit Timah Road
Eu Tong Sen Building
Singapore, 259776
Singapore

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