The Liberian Registry, in co-operation with the International Chamber of Shipping (ICS), has succeeded in helping the holder of a Liberian mortgage to overturn a decision of the Brazilian courts which, if left uncontested, could have had serious adverse legal and economic consequences for the international shipping industry. Pursuant to the acquisition of the FPSO (Floating, Production, Storage, and Offloading vessel) OSX-3 in March 2012 by a Dutch company and following re-registration under the Liberian flag, the vessel was mortgaged in favour of Nordic Trustee ASA, a Norwegian entity acting as the security trustee and mortgagee of the vessel. In an action before the lower court in Brazil, an unsecured third-party creditor, Banco BTG Pactual S/A Cayman Branch, successfully challenged the status of the Liberian mortgage in Brazil on the grounds that the mortgage was not registered with the Admiralty Court of Brazil and that it was only filed with Liberia. Read more of this story(Visited 70 times, 36 visits today)Commentscomments

Source: GNN Liberia November 21, 2017 15:11 UTC