26 Aug 2015
GLENCORE GRAIN BV v THE SHIP LANCELOT V [2015] NZHC 2052
- Citation
- [2015] NZHC 2052
- Court
- High Court
The court ordered appraisement and sale pendente lite because the heavy and continuing costs of arrest, the risk of material deterioration and diminution of the vessel's value, the owner's failure or inability to provide security and absence of evidence that delay would secure funds, and the undisputed crew claims together justified creating a realizable fund for claimants under High Court Rules r25.51 and r7.56 and established admiralty precedent.