Certainly, vessel arrest is an excellent way to obtain security for a claim and potentially prepare for a judicial sale of the vessel, should that become necessary.
Vessels are highly valuable and mobile assets, often operating substantial distances from the offices of the vessel owners. Accordingly, separate legal procedures for dealing with the unique issues raised by vessel operations have been developed over many centuries by maritime nations. The legal remedies have proved so useful that many are still in use today.
Not only can you sue the vessel but you can also have it arrested and held under arrest until your claim is settled. If the claim cannot be settled by agreement, then you can direct the Court to sell the vessel, with the proceeds being used to settle claims lodged against it.
The ability to claim against the vessel rather than the owner provides many significant advantages to a claimant, particularly if the owner of the vessel is a foreign based person or corporation and if the vessel is the only asset belonging to the owner. Even if the owner is locally based, the cost and inconvenience of having a major income earning asset arrested is such that disputes are usually resolved very quickly.
A vessel arrest may be a suitable remedy for a variety of creditors, such as owners that need to repossess the vessel under the charterparty, bunker suppliers that have not been paid, a bank that has terminated the loan facility and wishes to draw on its mortgage or crew members that have outstanding wages. Vessel arrest is a relatively easy, inexpensive and quick solution in Tunisia.
Many different and complicated legal questions may arise when arresting or attempting to arrest a vessel in Tunisia. Please do not hesitate to contact us to ask for the main vessel arrest requirements under Tunisian law.
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