Libya signs the Beijing Convention on the Judicial Sale of Ships

UNIS/L/364
25 September 2024

Libya signs the Beijing Convention on the Judicial Sale of Ships

VIENNA, 25 September (UN Information Service) - Libya signed the United Nations Convention on the International Effects of Judicial Sales of Ships (the "Beijing Convention on the Judicial Sale of Ships") at the United Nations Headquarters in New York on 24 September 2024. Libya is the 28th signatory to the treaty, joining Antigua and Barbuda, Belgium, Burkina Faso, China, Comoros, Cote d'Ivoire, Croatia, Cyprus, Ecuador, El Salvador, Grenada, Honduras, Italy, Kiribati, Liberia, Luxembourg, Malta, Sao Tome and Principe, Saudi Arabia, Senegal, Sierra Leone, Singapore, Spain, Switzerland, Syria, the United Republic of Tanzania and the European Union. El Salvador became the first State party to the Convention on 23 May 2024.

The Convention was prepared by UNCITRAL and adopted by the United Nations General Assembly on 7 December 2022. The Convention establishes a harmonized 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. By ensuring legal certainty as to the title that the purchaser acquires in the ship as it navigates internationally, the Convention is designed to maximize 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.

The Convention is open for signature, ratification, accession or approval by States and regional economic integration organizations. It will enter into force 180 days after the date of deposit of the third instrument of ratification, acceptance, approval or accession.

Up-to-date information about the parties and signatories to the Convention, is available on the UNCITRAL website: https://uncitral.un.org/.

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The United Nations Commission on International Trade Law (UNCITRAL) is the core legal body of the United Nations system in the field of international trade law. Its mandate is to remove legal obstacles to international trade by progressively modernizing and harmonizing trade law. It prepares legal texts in a number of key areas such as international commercial dispute settlement, electronic commerce, insolvency, international payments, sale of goods, transport law, procurement and infrastructure development.

UNCITRAL also provides technical assistance to law reform activities, including assisting Member States to review and assess their law reform needs and to draft the legislation required to implement UNCITRAL texts. The UNCITRAL secretariat is located in Vienna, Austria. For more information, visit: uncitral.un.org

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For information, please contact:

José Angelo Estrella-Faria
Principal Legal Officer and Head, Legislative Branch
UNCITRAL Secretariat
Email: [email protected]