There was a time when people could get out of a difficult financial situation by filing bankruptcy and get a trouble free fresh start. But with a change in laws, free debt help has come to the rescue of the masses so that what has been changed by the new laws can get people some respite.
Today what people face are the changing implications of the personal bankruptcy rules given in chapter 7 of the bankruptcy code. According to the new rules, anyone filing insolvency will have to pay some part of the debt that he or she owes to the financer. Besides that, there are many other types of loans which are not exempted from being written off, such as student loans and government taxes have to be paid in full without any reductions.
These changes in the
laws have made bankruptcy an option which should be considered the least when
it comes to resolving debt issues.
When one passage shuts
new avenues appear. This is what happened with the implementation of the new
bankruptcy rulings. People found debt relief as a far better option in the
current scenario. With a bankruptcy you will end with a very low credit score,
but on the other hand a settlement will give you a lesser damage. Besides when
you have to pay a part of the debt then it is best in everyone’s interest that
maximum amount is waved off. This is what relief options offer.
If you are in need … Read the rest >>>
On the other hand, the provision(s) do not commence at all if the occasion described in paragraph (b) does not take place. The ship-owner’s liability can only be exonerated if he proves that the damage resulted from acts of war or equivalent force majeure conditions, from wilful acts or omissions of a third party, or from negligence or other wrongful act of the authority responsible for the upkeep of navigational aids in the physical exercise of its functions. Issued in accordance with the provisions of Post VII of the International Convention on Civil Liability for Oil Pollution Damage, 1969.
In witness whereof the undersigned being duly authorized by their respective Governments for that objective have signed this Convention. On presentation of this blue card to the flag state registry, an owner has received in return a CLC certificate. The total aggregate amount of compensation payable for one incident under the Civil Liability Convention and the 1992 Fund Convention is 203 million SDR.
As to the subsequent civil liability, the ruling holds all involved parties jointly and severally liable for damage brought on by the incident, ordering them to spend compensation totalling € 192.5 million. The 1992 Fund is financed by contributions levied on any entity or person who has received a lot more than 150,000 tonnes of persistent oil soon after sea transport per calendar year in countries that are Parties to the 1992 Fund Convention.
When oil has escaped or has been discharged from two or much more ships, … Read the rest >>>
In situations when the shipowner is deemed guilty of fault for an instance of oil pollution, the convention does not cap liability. Canada decides to adopt the international scheme for liability and compensation for oil pollution damage from ships and accedes to the 1969 Civil Liability Convention and the 1971 International Fund Convention on April 24, 1989. The shipowner shall be entitled to limit liability in accordance with the applicable international convention or the national law of the State the courts of which have jurisdiction in accordance with write-up 9, paragraph 5. C. Some 1969 CLC States have agreed to accept 1992 CLC certificates as proof of 1969 CLC liabilities, e.g. Indonesia.
The International Convention on Civil Liability for Bunker Oil Pollution Harm (the Bunkers Convention) is adopted internationally. Compensation under the Fund Convention is supplied by oil cargo receivers in Contracting States and every contribution depends on individual import quantities. Its key attributes are the very same as CLC 1969, but CLC 1992 differs in the amounts by which a shipowner might limit his liability. Panama has indicated that it would be prepared to offer 1969 CLC certificates for 1992 CLC flag ships. The Protocol of 1984 to amend the CLC was aimed at increasing limits of liability.
The International Oil Pollution Compensation Funds have also ready a brochure which describes the international oil pollution compensation regime in a reader-friendly type. In fact, the judicial charges against the natural and legal persons prosecuted had been not based on the … Read the rest >>>
In February, the Arrow strikes rock in Chedabucto Bay, Nova Scotia, spilling some eight,000 tonnes of oil. The 1971 Fund Convention offered for the payment of supplementary compensation to these who could not receive complete compensation for oil pollution damage beneath the 1969 CLC. The Canadian Government’s claim for charges and expenditures incurred is presented to, and paid by, the International Oil Pollution Compensation Fund. The consolidated text of CLC 1969, as modified by the 1992 Protocol, is referred to as the 1992 Civil Liability Convention.
On the other hand, the 1992 CLC prohibits claims against the servants or agents of the shipowner, the members of the crew, the pilot, the charterer (including a bareboat charterer), manager or operator of the ship, or any particular person carrying out salvage operations or taking preventive measures, unless the pollution damage resulted from the private act or omission of the person concerned, committed with the intent to bring about such damage, or recklessly and with knowledge that such harm would most likely outcome.
Immediately after the 2003 amendments to the Fund Convention entered into force the compensation ceilings have been elevated to about € 1.000.0000. Subject to a number of certain exceptions, the Civil Liability Convention areas liability for pollution damage on the owner of the tanker from which the polluting oil escaped or was discharged (not necessarily the vessel at fault).
Recognition of the difficulties that can be caused by spills of heavy bunker fuel from non-tankers led to the adoption of … Read the rest >>>
This Protocol extends the application of the 1969 Liability Convention to contain the exclusive financial zone of a Contracting State established in accordance with international law, or if a Contracting State has not established such a zone, in an region beyond and adjacent to the territorial sea of that State determined by that State in accordance with international law and extending not much more than 200 nautical miles from baseline from which the breadth of its territorial sea is measured (art. As soon as this Convention comes into force, the text shall be transmitted by the Secretary-Common to the Secretariat of the United Nations for registration and publication in accordance with Article 102 of the Charter of the United Nations. They will need to acquire a certificate covering 1969 CLC liabilities from one more source in order to be permitted to enter the waters of States parties to the 1969 CLC.
The 1969 CLC entered into force in 1975 and lays down the principle of strict liability (i.e. liability even in the absence of fault) for tanker owners and creates a system of compulsory liability insurance coverage. Nothing in this Convention shall have an effect on the appropriate of the shipowner and the individual or persons giving insurance or other financial security to limit liability beneath any applicable national or international regime, such as the Convention on Limitation of Liability for Maritime Claims, 1976, as amended. The judgment of the Court of appeal of Paris was appealed in cassation by … Read the rest >>>