Beatrice Russ Partner
Legal update from the Maritime team
Last week we successfully completed the first post onset of Covid-19 mortgage amendment for one of our ship owning clients on the Marshall Islands Ship Registry.
As a result of the on-going Covid-19 restrictions this exercise involved a higher degree of co-ordination and co-operation between the various parties not usually required under normal circumstances.
Whilst the Marshall Islands Ship registry has allowed some relaxation in their requirements for the execution of documents it was still necessary to identify and agree the best method by which the documents to be registered against the vessels concerned could be executed and recorded in the most expeditious manner.
Following consultation between ourselves, the Marshall Islands Registry and the other parties involved, we were able to convene and chair the first online closing meeting with the Marshall Islands Registry using Skype for Business video conferencing.
During the meeting the Marshall Islands Registry were able to witness live the execution of various mortgage amendment documents by Stuart Plotnek of our Sale & Purchase Department acting as duly appointed attorney for the client. The documents were then scanned by Stuart from a remote location directly to the Marshall Islands Registry who accepted them in lieu of the originals and recorded them against the vessels concerned. As a result our client was able to draw down on the increased loan amount in a timely manner saving it considerable inconvenience and potential financial distress.
Having pioneered this method of closing and shown how successfully it can operate we can assist you with documentary closings in all manner of transactions and can also act as your appointed attorneys for the purpose of executing documents relevant to those transactions.
As always, despite the best efforts of Covid-19 to disrupt all our lives and livelihoods, our Ship Finance and Ship Sale & Purchase Team remain ready, willing and able to assist you with all your non-contentious maritime transactions and provide you with the seamless level of service you have come to expect from Ince.
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