How safe is an ‘Un-SAFE’ Guarantee
Monday 25 May, 2009
David Beaves and Peter Murray consider recent amendments to the regulations governing China's State Administration of Foreign Exchange (SAFE) and its implication on guarantees issued in relation to ship finance and shipbuilding contracts in China
"Charles Dickens famously wrote “credit is a system whereby a person who can't pay gets another person who can't pay to guarantee that he can pay”. Many guarantees have been issued by Chinese guarantors over the last few years, some in the context of refund guarantees for shipbuilding contracts, or others, for example, guaranteeing performance under charters. Dickens cynically wrote about a guarantor “that can't pay”, but what if the reason for non-payment is that the guarantee concerned has not been approved by or registered with a Chinese state body? We are referring, of course, to the State Administration of Foreign Exchange ('SAFE')."
How safe is an ‘Un-SAFE’ Guarantee (pdf)
Date: Monday 20 - Wednesday 22 February, 2012
Location: Jumeirah Carlton Tower Hotel, London
Ince & Co partners Kevin Cooper and Stephen Askins, senior associate Victor Fenwick and solicitor Penny Cygan are hosting a pre-conference workshop on “Crisis Management: protect your assets”. The workshop will provide guidance on planning emergency response which includes collision and piracy incidents.
Date: Wednesday 29 - Thursday 01 March, 2012
Location: Hilton London Tower Bridge Hotel
Ince & Co partner Carol Searle and consultant Tony George are speaking at the Insuring Export Credit & Political Risk conference.
Date: Wednesday 29 - Thursday 01 March, 2012
Location: Prospero House
Ince & Co partner Daniel Jones will be speaking during the spotlight session on “The Yacht Refit – Insurance Issues”. The session will examine what happens when the yacht goes into refit, the new standard form contract, insurance obligations, common terms, ship repairs legal liability insurance and the waiver of subrogation requirements.
Date: Tuesday 06 - Wednesday 07 March, 2012
Location: London
Ince & Co Partner Stephen Askins will be speaking at the Chemical and Product Tankers conference on Piracy.
Date: Wednesday 25 - Thursday 26 April, 2012
Location: Marriott Hotel, Copenhagen
Ince & Co partners Michael Stockwood, Kevin Cooper, Stephen Marais and Vincent Xu are hosting a one day pre-conference workshop on “Key strategies to achieving a consensual agreement maximising the benefits for both banks and owners”. The workshop will explore three key themes; restructuring shipping loans, enforcement, and issues relating to Chinese finance and involvement with Chinese shipyards.