ABSTRACT
This chapter examines two separate phases: the exercise of the right to limitation of liability, and the constitution of a limitation fund. Limitation of liability proceedings for maritime claims is most likely to take place in a State other than the State in which insolvency proceedings are opened. Conflict-of-law issues arise when the State in which the person liable invokes limitation of liability is also bound by transnational insolvency regimes mandating the recognition of cross-border foreign proceedings and their effects within its territory. Under Greek law, the substantive solution is found with reference to the legally superior objectives of uniform international maritime law, which provides for the exclusive use of the limitation fund. Constitution of the limitation fund may be overturned in accordance with the special provision introduced by international maritime conventions on conduct barring limitation.
