UNCITRAL Colloquium on Contractual Networks, New York 25-26 March

The United Nations Commission on International Trade Law (UNCITRAL) is organizing a Colloquium on contractual networks and other forms of inter-firm cooperation on 25-26 March 2019 at the United Nations Headquarters in New York (USA).

The Colloquium will analyse the relevance of contractual networks to UNCITRAL work on developing an enabling legal environment for Micro Small and Medium-sized Enterprises (MSMEs). As you may already well note, contractual networks was proposed as a possible future work by UNCITRAL on alternative forms of organization to corporate-like models in MSMEs with the expectation of providing an opportunity to organize cooperation between business without a requirement for a legal entity to be formed and that work on such networks would complement the work on the UNLLO under.

In order to get a solid understanding of contractual networks and their objectives, the Colloquium will also discuss other legal tools in both civil and common law jurisdictions that achieve similar goals to those networks.  The conclusions of the Colloquium should assist UNCITRAL in evaluating the desirability of taking up work in this area in the future.

The Colloquium will be conducted on an informal basis and will be open to experts from government, the private sector, academia and the non-profit sector. Interpretation in the six official languages of the United Nations (Arabic, Chinese, English, French, Russian and Spanish) will be available. The colloquium will be followed by the thirty-second session of Working Group I on 27 to 29 March. Attendance at the Working Group will be restricted to representatives of Member and Observer States and those intergovernmental and non-governmental organizations invited to participate.

A registration form is available on the UNCITRAL website alongside with the programme (https://uncitral.un.org/en/events/25-26.03.2019) and should be completed and sent to the address indicated on the form, as soon as possible and no later than 15 March 2019. Upon receipt of the completed registration form, participants will be sent confirmation of their registration, alongside with instructions for gaining access to the UNHQ in New York.

UNCCA Fifth Annual May Seminar – 10th May 2019

We are excited to announce the Fifth Annual May Seminar which will be held on the 10th of May 2019. The May Seminar will be hosted at the University of Canberra with early bird registration now available until the 1st of April 2019.

This year we will be covering a range of topics including Cross-Border Insolvency, Micro, Small and Medium-Sized Enterprises, Judicial Sale of Ships and an update on the current works in trade law.

There will be a special Keynote from Jenny Clift, former Senior Legal Officer at UNCITRAL Secretariat, Vienna.

For more information, please see the flyer below.

Annual General Meeting

If you are an UNCCA member, we invite you to join us for the Annual General Meeting hosted at the University of Canberra on the 9th of May 2019 at 6:00pm

Following the Annual General Meeting, we will be hosting a cocktail reception

Cocktail reception:

Date: 9th May 2019

Time 7:00pm

Cost: $65

Location: University of Canberra, Building 11 Allawoona Street Bruce, 2617

For tickets for the May Seminar or the Annual General Meeting Cocktail Reception, please click the link below:

https://www.eventbrite.com.au/e/uncca-annual-may-seminar-tickets-55184083078

We look forward to seeing you at the seminar.

For more information, please contact events@uncca.org

UNCCA May Seminar 2019 (1)

 

MAC Protocol Event: A Summary Report by Mudit Bhandari

The recent MAC Protocol event, co-hosted and promoted by UNCCA in conjunction with UNIDROIT and the International Law Committee of the ACT Law Society, successfully concluded on 29 August.

A report prepared by Mudit Bhandari, UNCCA intern, usefully summarises the event and the key discussions that took place. Please see the report below.

 


 

The ACT Law Society International Lawyers Committee and UNCCA hosted the first Australian national consultation regarding the Mining, Agriculture and Construction (MAC) Protocol to the Cape Town Convention on August 29th, 2018. Three leading experts in the field provided detailed information and discussed potential benefits and costs regarding the implementation of the MAC Protocol in Australia. This report offers a brief overview of each presentation.

William Brydie Watson is a legal officer at the International Institute for the Unification of Private Law (UNIDROIT). Mr Watson specialises in secured transactions, with expertise in the 2001 Cape Town Convention on the International Interests in Mobile Assets. His responsibility is towards the fourth protocol on matters specific to mining, agriculture and construction equipment, in relation to the Cape Town Convention. His presentation looked at the overview of the Convention and its economic advantage.

The Cape Town Convention creates an International Registry system for certain categories of equipment. The Protocol/Convention has a two-tier structure which allows a common core set of rules which are flexibly adapted to that specific market or collateral. The Cape Town Convention and Protocols provide for both debtors and creditors. It creates an opportunity to create an autonomous international interest over the equipment-including security agreements, sale with retention of title and leasing. In this area, the first to file-rule applies as the registered international interest is given priority from time of registration, including against interest in national law, and is enforceable in contracting states.

Furthermore, the MAC Protocol provides for economic benefits. Mr Watson referred to an independent MAC economic assessment that was produced by experienced British economists-part of the preliminary report released at second session of Committee of Governmental Experts in October 2017, through a competitive closed tender process. The report states that the buyers will have more exposed access to credit and borrowing terms will be better. These claims are achieved through lower interest rates, longer loan durations or high loan-to-loan ratios.

Bruce Whittaker is a senior consultant in the Finance team at Ashurst. Mr Whittaker has also been closely involved in the development of the draft MAC Protocol to the Cape Town Convention. Mr Whittaker presented the possible issues that the Cape Town Convention might have with the existing Personal Property Securities Act 2009 (PPSA) that Australia already has. The presentation provides for a possible solution at the end.

The five possible tractions provided by Mr Whittaker are different in their own ways.

First traction, is in relation to how the issues regarding number registry by manufacturers will be handled. To which, a possible solution being that, whilst registering a MAC equipment, more detail be added about the registered equipment, to ensure uniqueness.

Secondly, the PPSA contains priority rules that are more sophisticated, in comparison to The Cape Town Convention, which are more straight forward. It must be considered how the Cape Town Convention priority rules will fit into Australia and its PPSA rules which are more in-depth compared to those in the Convention.

Thirdly, the issue arises, regarding the ‘taking-free rules’. Take-free rules, is where under the circumstances where a buyer of an asset can acquire the product, free of any security interest from the seller who has previous grant over the asset. Overall, the PPSA contains a similar but differing take on this compared to the MAC Protocol. Therefore, there is general friction between the PPSA and the Protocol, that Mr Whittaker points out, being the main concern to the implementation of the Protocol in Australia.

The last two possible areas of friction arise from the financing of inventory and the general complexity of how the MAC Protocol will run alongside the PPSA rules.

It is to be noted that, the UNCITRAL Model Law on Secured Transactions published by the United Nations (2016), which is yet to be adopted-discusses the same concerns that Mr Whittaker has taken into consideration in his presentation.

A partial solution to all these problems is to construct an entry point to the MAC Protocol. This solution will not cover everything, but it can bring about a middle point to solving some of the potential areas of friction.

Ashna Taneja has conducted research at UNCITRAL’s Regional Centre for Asia and the Pacific (UNCITRAL RCAP) in South Korea, as well as UNIDROIT in Rome. The presentation Ms Taneja provided, looked at the benefits that the MAC Sectors will experience in Australia and a glimpse of the costs of implementation that would result from the Protocol.

The MAC industries are relatively strong in Australia. These sectors of the economy have a significant impact on Australian growth itself, as they make up a significant amount of Australia’s output. From 2016-2017 for the Gross Value-Added figures show that-mining took up 6.3%, agriculture, forestry and fishing took up 3% and construction amounted to 7.9%. Amounting to a total of 16.9% of Australia’s Gross Value Added. These figures provide for a significant impact on the Australian economy.

One of the potential benefits is associated with the effective enforcement of securities. Financiers can enforce securities in the event of default or insolvency immediately without referencing domestic rules. This makes it easier and cheaper in terms of regulatory compliance, particularly, for multi-national financiers. Additionally, the MAC Protocol will also provide for lower cost and credit through easier enforcement capabilities for financiers. Consequently, with the adoption of the MAC Protocol, an increase in competition in the finance industry will come about, leading to a decrease in the cost for finance for importers. There will be a signalling effect to businesses in adopting the Convention. Conversely, if Australia does not ratify there are two benefits that will affect Australia. The MAC Protocol will lower costs of enforcement of securities for overseas MAC equipment and, secondly, it will provide for a spill-over effect, which over time will make MAC equipment cheaper to access.

The possible friction with the MAC Protocol and the PPSA will need to be considered as a possible issue at hand. However, overall, Ms Taneja further highlighted that it is essential that Australia promotes this Protocol to its trading partners to maximise economic benefits. For those involved in the MAC industries or financing MAC equipment, it will significantly increase profits for both sides.

Conclusion

The MAC Protocol will create an international electronic registry that will allow creditors to protect their legal interests over high value MAC equipment, regardless of its location. The MAC Protocol provides uniform rules governing the creation, registration and priority of legal interests in MAC equipment, as well as facilitating expeditious and efficient enforcement of remedies in the event of a default or insolvency. Furthermore, a Diplomatic Conference will be held in 2019 where the MAC Protocol will be finalised. UNIDROIT invites Australia to send a delegation to the Diplomatic Conference in 2019 and consider signing and ratifying the MAC Protocol.

ACICA Symposium in Perth, 23 October 2018

UNCCA is glad to promote the Australian Centre for International Commercial Arbitration’s (ACICA) upcoming symposium in Perth on 23 October.

The symposium will explore the key role of the New York Convention in the growth of international trade over the course of 60 years, its significance in terms of enforcement of arbitration agreements and arbitral awards and the important role of the Courts in this process, as well as more recent international developments with respect to the enforcement of settlement agreements.

The line-up of experienced speakers include:

  • Wayne Martin AC QC, former Chief Justice of the Supreme Court of Western Australia
  • Andrea Gleason, Director, Western Australia State Office, DFAT
  • Simon Davis, Barrister, Francis Burt Chambers
  • Elizabeth Macknay, Partner, Herbert Smith Freehills
  • Dr Sam Luttrell, Partner, Clifford Chance

Drinks and canapes will be served at the conclusion of proceedings.

Date: 23 October 2018
Time: 4:45pm for a 5pm start to 6:30pm following by networking drinks
Venue: Herbert Smith Freehills, Level 36, 250 St Georges Terrace, Perth WA

Registration: by 18 October 2018 – Click Here
For more information, see the invitation flyer or ACICA website.

 

ACICA-NYC-Perth-Oct18-flyer-03

Trade Law Forum – Incheon 2018

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The Trade Law Forum will be held in Incheon, Republic of Korea on 10-12 September 2018. The forum comprises the first Inter-sessional Regional Meeting on Investor-State Dispute Settlement (ISDS) reform and three workshops to discuss recent trends in international trade.

The Inter-sessional Meeting will consist of a one-day Conference on regional perspectives on ISDS reform on 10 September 2018, followed by a half-day Roundtable discussion on 11 September 2018. It will be an open forum for high-level government representatives as well as relevant stakeholders in the Asia-Pacific region to discuss issues being deliberated by Working Group III. We expect participation of high-level government officials responsible for investment policy and investment dispute settlement.

The second part of the Trade Law Forum will consist of three workshops that will provide a forum for discussing recent developments in norm making in the field of international trade law. UNCITRAL’s recent work in the fields of micro, small and medium-sized enterprises (MSMEs), electronic commerce, insolvency and secured transactions will be featured during the workshops.

The Trade Law Forum will provide an opportunity for participants to receive updates on recent developments at UNCITRAL on a number of different topics. Interested attendees should confirm participation by registering for the event at the Register RSVP link or here by no later than 31 August 2018.

All queries may be directed to UNCITRAL-RCAP by email at: uncitral.rcap@un.org or tlforum2018@gmail.com.

Internationalisation of Directors’ Duties (Melbourne, Victoria)

Seminar

The Commercial Bar Association (Insolvency Section) and the UNCITRAL Coordination Committee for Australia cordially invite interested parties to attend its upcoming CPD seminar in Melbourne on 30 July 2018, entitled “The Internationalisation of Directors’ Duties”.

Insolvency law experts Stewart Maiden QC and Dr Neil Hannan will be presenting on the day.

Interested attendants should RSVP by email to rsvp@vicbar.com.au. The event is scheduled to run from 5:15pm to 6:15pm on 30 July 2018 at Neil McPhee Room, Level 1, Owen Dixon Chambers East, Melbourne.

The MAC Protocol: a joint event by UNCCA, UNIDROIT, and the ACT Law Society

The MAC Protocol: Global Impact and Potential Benefits for Australia

MAC Protocol – Australia consultation – Canberra invitation (updated tracked)

 

UNCCA is proud to promote the upcoming MAC Protocol workshop – organised and carried out in partnership with the International Law Committee of the ACT Law Society and the International Institute for the Unification of Private Law (UNIDROIT).

The event is scheduled for Wednesday 29 August at 4:30pm to 6:30pm at the ACT Law Society, 1 Farrell Place, Canberra. The event presents the opportunity for attendees to participate in a consultation workshop on the Protocol to the Cape Town Convention on matters specific to Agricultural, Construction and Mining Equipment (the MAC Protocol).

The MAC Protocol is an international treaty currently under negotiation that will increase global productivity in the mining, agriculture and construction sectors. The treaty will provide an international legal framework for the financing of MAC equipment. Cheaper financing and access to modern MAC equipment will allow parties involved in the mining, agriculture and construction sectors to optimise their productivity and profitability.

This event will bring together representatives from UNIDROIT, domestic legal experts in secured transactions law, government, the private sector, civil society representatives and academia to discuss the legal and economic impact of the MAC Protocol and its potential benefits for Australia.

Interested parties may register directly with the ACT Law Society here. Registrations close Friday 24 August.

 

UNCCA Annual May Seminar – Presentation Videos

UNCCA is proud to share a series of recordings of presentations from its latest Annual May Seminar, which took place on May 24 at the University of Canberra this year.

These recordings are now being made available to the public in order to promote awareness on key topics relevant to the international law landscape. UNCCA further hopes these videos will prove beneficial in providing those that were unable to attend the Seminar with insight into the processes and quality of the annual event. We hope to see you at next year’s Annual May Seminar.

Opening Address by The Hon Justice Neil McKerracher

 

Keynote Address by the Hon Justice Sarah Derrington

 

Panel 1 – A Pre-Launch Discussion of the Joint UNCITRAL, UNIDROIT and HCHH Legal Guide on International Commercial Contracts

 

Panel 2 – Correlations Between the Electronic Commerce Convention, the CISG, and the TTP Agreement

 

Panel 3 – Current Developments in ISDS (with a Special Focus on Working Group III)

 

Panel 4 – Enforcement of International Mediated Settlement Agreements, with a Special Focus on Working Group II’s work on its Preparation of a new Convention and a Revised Model Law

 

Closing Address by Dr Dalma Demeter, Featuring Comments by Tim Castle and Bruce Whittaker

UNCCA Annual May Seminar

UNCCA’s Annual May Seminar is fast approaching! The Annual May seminar is a flagship event addressing current topics in the development of international trade law. It will take place in Canberra on Friday 25 May this year.

Two sessions and four expert panels are planned for the day. The Seminar is a rare opportunity to hear from academics, legal professionals and government representatives on issues from the fields of contract law and electronic commerce, and areas of dispute resolution including both private and state entities.

Join us for a full day of expert presentations and mind-provoking discussion, combined with networking.

Tickets are currently available at a variety of prices. To purchase your tickets, please click here.