LODGED BY THE REPUBLIC OF PANAMA UNDER THE CAPE TOWN CONVENTION AT THE TIME OF THE DEPOSIT OF ITS INSTRUMENT OF RATIFICATION *
Pursuant to Article 56(1) of the Convention and in accordance with its internal legal system, the Republic of Panama makes the following declarations in respect of Articles 13, 39, 50, 53 and 54 of the Convention:
1. In respect of Article 13(1)(a), (b) and (c) of the Convention, the words “speedy relief” shall be taken to mean seven (7) working days and, in respect of Article 13(1)(d), the same words shall be taken to mean twenty (20) working days.
2. In respect of Article 39 of the Convention, the following non-consensual rights and interests shall prevail over an international interest registered in accordance with the Convention:
– any sums due from or capable of being demanded from the debtor by way of salaries, pensions and other social security benefits and employment allowances owed in respect of employees of that debtor;
– any sums due from or capable of being levied from the debtor by way of fiscal and parafiscal contributions owed in respect of employees of that debtor;
– any sums due from or capable of being levied from the debtor, by way of taxes, duties or contributions payable to the Panamanian State or to the decentralised bodies that collect such revenue, in accordance with Panama’s internal laws;
– the right of the Republic of Panama to arrest, attach or confiscate mobile equipment and aircraft equipment in the event of breach of the customs or criminal laws of the Republic of Panama.
The Republic of Panama declares that the rights or interests covered by this declaration shall prevail over an international interest registered before the date of the deposit of its instrument of ratification in respect of the Convention and the Protocol.
Likewise, it declares that none of the provisions of the Convention shall affect the right of the Panamanian State, a State entity, an intergovernmental organisation or a provider of public services to arrest or detain an object under the laws of the Republic of Panama for payment of amounts owed to such entity, organisation or provider directly relating to those services in respect of that object.
Finally, the Panamanian State states that these declarations do not pose an unacceptable risk to the holders of registered rights.
3. As to Article 50 of the Convention, the Convention and the Protocol shall not apply to any transaction which is an internal transaction in relation to the Republic of Panama with regard to all those types of objects falling within the sphere of application of the Convention or the Protocol.
4. As to Article 53 of the Convention, in accordance with the internal laws of the Republic of Panama, the relevant courts are as follows:
– ordinary courts;
– administrative courts;
– the civil aviation authority;
– those advisory bodies exercising supervisory functions in respect of financial institutions and insurance companies (superintendencias);
– arbitral tribunals,
subject to the powers vested in them by the internal laws of the Republic of Panama.
5. Pursuant to Article 54(2) of the Convention, any remedies available to the creditor under any provision of the Convention and the Protocol which are not there expressed to require application to the court may be exercised without leave of the court.
* The original version of these declarations was submitted in Spanish. This official version of the declarations is a translation prepared by the UNIDROIT Secretariat.