Justice Teare has laid down guidelines about the general desirability of ships being sold after broker appraisal and valuation, with open advertising of the vessel for sale to attract the best price.
“It is wrong in principle for the court to depart from the usual order that the marshal sell a vessel by appraisement, advertisement and inviting bids to purchase the vessel,” declared the judge before deciding that the special circumstances surrounding one elderly vessel owned by collapsed Union Transport warranted a rare departure from this doctrine.
The
