For a long time an aspiration of those responsible for the creation and development of MAR – Madeira’s International Shipping Register, one of the main areas that integrate the International Business Centre (IBC) of Madeira, the truly expected amendment to the Portuguese Code of Commerce in respect of the graduation of credits upon Portuguese vessels has now been finally approved by Decree-Law nº 8/2009 of January 7.

This is an extremely important measure in international competitive terms for the referred International Ships’ Registry (MAR) insofar as it considerably improves the position of all credits guaranteed by mortgages and pledges upon vessels whose property is registered in MAR that, as such, move up to the 3rd place on the scaling of debts having privileges upon such vessels, just after the legal expenses made in the common interest of the creditors and the wages due for assistance and rescue.

It is predictable that this initiative of the Portuguese Government, certainly meeting with the best favourable reception from a countless number of international ship-owners and operators within the shipping sector, will motivate their growing interest in MAR, thus, the registration of their vessels therein.

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