Fraser Shipyard and Industrial Centre Ltd. v. Expedient Maritime Co.
T-111-98
Hargrave P.
27/5/98
4 pp.
In May 1998, Court ordered Atlantis Two appraised and sold-Present reasons explaining changes made to draft of order and commission for appraisal and sale-Initially, counsel wished interested parties be provided with copies of appraisal commissioned by sheriff-However, appraisal, when vessel to be sold by sealed bids, ought to be sealed and remain so until after sealed bids opened-This, in order to obtain best price, thus providing greatest possible fund for in rem claimants and mortgagees-Serious bidders and interested parties, with a little exploration and minimum outlay, can also arrive at good approximation of market value-Given professionalism of independent appraisers, and because court ordered sale ought not to be extended by challenges to appraised value and to price, Court loathe, once appraisal and sale set in motion, to open up whole process to any number of challenges-Appraisal will remain sealed.