Legal Update: Establishing a Limitation Fund Recent developments in Singapore and the UAE
The increasing willingness by jurisdictions to accept P&I Clubs’ LOUs to constitute limitation funds is a welcome trend for shipowners and P&I Clubs.
The practical advantages of using a P&I Club’s LOU as opposed to making a cash payment into Court are that it is a much quicker and considerably less expensive way to establish a limitation fund, without having to tie up cash reserves in court.
Find out more on this topic by reading our Legal Update attached above.
Legal update- limitation fund (775 KB)
You may also be interested in:
Singapore: 47 individuals & 7 companies penalized for breaching COVID-19 related regulations
The Maritime and Port Authority of Singapore (MPA) announced that 47 individuals and 7 companies, including ocean-going vessel interests, were penalized between November 2020 and June 2021 for breaching safe management regulations, apparently related to the COVID-19 (Temporary Measures) Act 2020.
The UAE Accedes to the Intl Convention on Civil Liability for Bunker Oil Pollution Damage
The United Arab Emirates has acceded the International Convention On Civil Liability for Bunker Oil Pollution Damage, 2001.
Legal Update: Singapore High Court clarifies applicable interest rate in LOU after constitution of limitation fund
The Convention on Limitation of Liability for Maritime Claims 1976 sets uniform rules relating to the limitation of liability for maritime claims.
QCR Spring 2019: Bright Shipping Ltd v The Changhong Group (HK) Ltd (The “CF Crystal” and The “Sanchi”) – High Ct of Hong Kong SAR (CFI) (Anthony Chan J)  HKCFI 2474 – 15 November 2018
Bright Shipping Ltd v The Changhong Group (HK) Ltd (The “CF Crystal” and The “Sanchi”) – High Ct of Hong Kong SAR (CFI) (Anthony Chan J)  HKCFI 2474 – 15 November 2018.