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.
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 UK P&I Club recently held a webinar on the maintenance and proper use of mooring ropes; the webinar received an overwhelming response with attendees from more than 50 countries worldwide.
