The Convention is the first international instrument which establishes a harmonised regime for giving international effect to judicial sales, while preserving domestic law governing the procedure of judicial sales and the circumstances in which judicial sales confer clean title. It strengthens the existing international legal framework on shipping and navigation and makes a useful contribution to the development of harmonious international economic relations. By ensuring legal certainty as to the title that the purchaser acquires in the ship as it navigates internationally, the Convention is designed to maximise the price that the ship is able to attract in the market and the proceeds available for distribution among creditors, and to promote international trade. It is therefore desirable that the Convention be applied as soon as possible.
Text as published in the Official Journal, reproduced verbatim (including any typographical quirks of the source). For the authentic version, see EUR-Lex.
