Deutsche Bank Trust Company Americas v Motor Vessel Sertao, Owners of [2018] EWHC 1013 (Admlty) (04 May 2018)

Deutsche Bank Trust Company Americas v Motor Vessel Sertao, Owners of [2018] EWHC 1013 (Admlty) (04 May 2018)

The vessel is a diminishing asset due to ongoing costs; sale pendente lite is justified to preserve value; appointment of joint brokers Pareto and Kellocks is appropriate given specialist market conditions; commission should be split subject to agreement.

Citation
[2018] EWHC 1013 (Admlty)
Parties
Claimant: Deutsche Bank Trust Company Americas; Defendants: The Owners of the Motor Vessel Sertao; Cautioner Against Release: STX Service Americas LLC; Court Officer: Admiralty Marshal
Jurisdiction
England and Wales
Judgment Date
04 May 2018
Procedural Posture
Admiralty Claim in Rem / Application for Order for Sale Pendente Lite
Outcome
Order for sale pendente lite granted, subject to conditions.
Legal Topics
Mortgage Enforcement, Sale Pendente Lite, Broker Appointment, Court Fees, Commission Split
Admiralty Commercial Law Banking Law Mortgage Enforcement Sale Pendente Lite Broker Appointment Court Fees Commission Split

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Parties

Deutsche Bank Trust Company Americas

Claimant

The Owners of the Motor Vessel Sertao

Defendants

STX Service Americas LLC

Cautioner Against Release

Admiralty Marshal

Court Officer

Procedural Posture

Admiralty Claim in Rem / Application for Order for Sale Pendente Lite

Legal Issues

  1. 1 Whether the court should order sale pendente lite of MV Sertao
  2. 2 Whether the Marshal should appoint a specialist broker or use the traditional broker
  3. 3 How broker commission should be split

Ratio Decidendi

The vessel is a diminishing asset due to ongoing costs; sale pendente lite is justified to preserve value; appointment of joint brokers Pareto and Kellocks is appropriate given specialist market conditions; commission should be split subject to agreement.

Court Disposition

Order for sale pendente lite granted, subject to conditions.

Orders

  • Marshal to appoint Pareto Offshore A/S and C.W. Kellock & Co. as joint brokers.
  • Sale to be conducted for highest price not less than appraised value.