Certain aspects of vessel sale & purchase and liability for violation thereof
7 October, 2024
27
In the framework of vessel sale & purchase agreements, the parties face several complex issues. Resolving such issues requires professional expertise not only in law, but also in other related industries.
The Client’s foreign company purchased vessels. A certain period is provided for the vessel placement on balance sheet, however, during this period no vessels were placed on balance sheet due to their subsequent sale.
Vessel sale & purchase agreements were entered into on deferred terms with deferred payment. However, transfer of title to the vessels was envisaged after full settlement.
The Client faced several questions upon fixing an obligation to place the vessels on balance sheet and the moment when such obligation arises. What shall serve as grounds: vessel transfer to the buyer or transfer of title to the vessels thereto? Whether MoA in the framework of the subsequent vessel sale shall affect the Client’s obligation to place them on balance sheet?
Interlegal law team needed to provide substantiated answers to all of the Client’s questions, as well as to analyze the company’s potential liability.
In order to resolve the Client’s complex issues, Interlegal lawyers cooperated with audit consultants and lawyers from their associated office in a foreign jurisdiction.
Based on our teamwork, the Client received documentary support for vessel sale & purchase agreements jointly with legal opinion that included our analysis and recommendations.
Interlegal law team led the case: junior lawyer Anastasiia Kovalska, lawyer Ihor Danyliuk, associate attorney Dmytro Bondar, senior associate Valeriia Fetysenko, managed by partners Irina Voyevodina and Artem Skorobogatov.
Interlegal provides legal support of international deals on clients’ assets, analyzes risks of potential transaction and develops risk mitigation plan.
