Part VII Transfer Summary of Scheme & Scheme Report - Club restructure - September 2012
Section 109 of the Financial Services and Markets Act 2000 ('FSMA') requires that an application in respect of a proposed insurance business transfer be accompanied by a report from a suitably qualified person (the 'Independent Expert') on the proposed terms of that transfer. This document is a summary of that full report (the 'Report') on the Transfer but should not replace a full reading of the Report as, taken in isolation, it could be misleading.
The Report complies with the applicable rules on expert evidence and with the guidance for such reports set out in Chapter 18 of the FSA Supervision Handbook. The form of the Report has been approved by the FSA in accordance with Section 109 of FSMA and in the context of the Transfer.
This summary and the Report have been prepared solely for the purposes of the FSMA requirements in the context of the Transfer. This summary is subject to the same limitations as those set out in the Report, and in the event of any real or perceived conflict between this summary and the Report, the Report shall prevail.
The preparation of cargo holds for the next intended carriage is a critical operation which requires careful planning and execution; this article considers a number of legal issues which may arise, including terms commonly used in charterparties to describe the cleanliness of cargo holds, the consequences of failing to comply with such terms, potentially resulting in off-hire claims and damages, and the role of the independent surveyor.
Hold preparation is probably the most vital part of bulk carrier operations; if it is not undertaken properly, it can result in substantial cargo claims, delays, additional cleaning, survey costs and expensive off-hire disputes.
During the initial stages of the voyage, the vessel encountered heavy weather, with spray and seas shipped on deck and all hatch covers over a period of 8 days; this video explores how this affected the maize cargo.
