'Satisfactory for its Own Purposes': Private Direct Arrangements and Judicial Vessel Sales

(2016) 22 Journal of International Maritime Law 355-369

20 Pages Posted: 23 Feb 2017

See all articles by Paul Myburgh

Paul Myburgh

Auckland University of Technology Law School ; Centre for Maritime Law, NUS

Date Written: September 1, 2016

Abstract

Maritime creditors (typically mortgagee banks) frequently petition admiralty courts to bypass the normal judicial vessel sale process by approving a pre-arranged private direct sale to a preferred purchaser. This article examines the reasons for a cautious or even hostile judicial response to such arrangements, and analyses the exceptional circumstances in which courts may sanction private direct arrangements as judicial sales. The issue of recognition of the legal effects of foreign judicial sales is also discussed, with reference to both the relevant common law principles and the CMI draft Convention on Foreign Judicial Sales of Ships and their Recognition.

Keywords: admiralty, maritime, ships, judicial sale, recognition, enforcement, judgments, in rem

JEL Classification: K10, K11, K12, K22, K33, K41

Suggested Citation

Myburgh, Paul, 'Satisfactory for its Own Purposes': Private Direct Arrangements and Judicial Vessel Sales (September 1, 2016). (2016) 22 Journal of International Maritime Law 355-369, Available at SSRN: https://ssrn.com/abstract=2921700

Paul Myburgh (Contact Author)

Auckland University of Technology Law School ( email )

Private Bag 92006
Auckland, 1142
New Zealand

HOME PAGE: http://academics.aut.ac.nz/paul.myburgh

Centre for Maritime Law, NUS ( email )

469G Bukit Timah Road
Eu Tong Sen Building
Singapore, 259776
Singapore

Do you have negative results from your research you’d like to share?

Paper statistics

Downloads
298
Abstract Views
1,182
Rank
185,188
PlumX Metrics