Maritime privileged credits
Judicial recognition
Comment
The Insolvency Act (22/2003) is based on the principle of universality with regard to assets and liabilities. However, in accordance with the act, certain credits including maritime privileged credits must be separated from a bankruptcy estate, resulting in a breach of this principle.
Article 76.3 of the Insolvency Act establishes a right of separation in favour of shipowners with regard to maritime privileged credits, which allows assets encumbered by such credits to be excluded from a bankrupt party’s estate. Therefore, the owners of such credits can separate the value of the ship up to the value of the credits from th…
Read the full article at: http://www.internationallawoffice.com/Newsletters/Shipping-Transport/Spain/San-Simn-Duch/Maritime-privileged-credits-under-Insolvency-Act
