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| Olisa Agbakoba (SAN) |
OLISA Agbakoba Legal (OAL), a law
firm of Mr. Olisa Agbakoba (SAN) which specializes in maritime law and practice
has held its inaugural quarterly maritime Master Class Series (MMCS) with a
good turnout of participants largely from corporate organisations especially financial
institutions.
In a statement issued by the Head,
Maritime Unit of OAL, Dr. Oluwole Akinyeye, the MMCS was aimed at acquainting stakeholders
especially in the area of ship building, ship mortgage and ship purchase...
“It is also understood that
conflicts could arise between both parties in respect of the loans provided. In
such respect, the financial institution would definitely be interested in how
it could recover its loan facility from any defaulting ship owner.
“A crucial tool available to such
financial institution is the possible arrest of the ship in respect of which a
loan has been provided.
“The MMCS provided detailed
knowledge of the options open to the financial institution/creditor, taking
into cognisance that there could be other competing creditors.
“Further insight was provided into
where a financial institution/creditor stood within the scheme of such
competing creditors.
“Consideration was also given to
the due diligence measures that ought to be taken in future by financial
institutions in the granting of loan facilities to ship owners, in order to
ensure that such loans could be recouped, with appreciable returns.
“OAL will be holding subsequent
Maritime Master Class Series on a quarterly basis which will address various
topical issues in maritime law and practice,” Akinyeye said.
647.
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