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Acquisition of a dry-cargo vessel of mixed (river-sea) navigation

In March 2018, the principal asked for help in support of the transaction on the acquisition of the Volgo-Balt 210. The complexity of the transaction was the fact that the company needed the seller to obtain shareholder approval for the transaction, the number of which exceeded 3,000 persons. Also, the transaction was made at the time when the new rules for registering ships entered into force, the practice of which was not formed at the time of execution of the contract.

The lawyers conducted a comprehensive audit of the seller’s company and the ship’s documents. Based on the results of the inspection, a contract of sale and purchase on the BIMCO pro forma was drawn up, the conclusion and execution of which, including the reception and transfer of the vessel, the representation of interests on registration of rights to the vessel, was accompanied by lawyers. Also, the company acted as an escrow agent to confirm the fulfillment of obligations by the parties to the transaction.

Due to the detailed preparation of a significant number of basic and additional documents submitted for state registration, the vessel was successfully registered for the new owner in a period significantly less than that established by the rules of registration of vessels in force since 2018.

Our services in the case

Due to the detailed preparation of a significant number of basic and additional documents submitted for state registration, the vessel was successfully registered for the new owner in a period significantly less than that established by the rules of registration of vessels in force since 2018.