Malta continues to attract vessels to its shores for court-approved sales. Following closely last year’s judicial sale of the 100 meter super yacht m.y. Indian Empress, the m.v. HHL Rio de Janeiro, a specialised heavy lift vessel, sailed into Maltese waters for her sale by private treaty. The sale was instigated by the enforcing mortgagee. Having considered the market value of the ship, the Court proceeded with its decision of the 29 May, 2019, in the proceedings in the names “J. Scerri-Diacono nomine versus m.v. HHL Rio de Janeiro”, to approve the sale.
Proceedings were filed in Court on the 16 May, 2019 and a hearing was appointed on the 27 May, 2019. The case was then adjourned for a decision and the ship eventually was sold on the 5 June, 2019 – all in the space of 20 days. Apart from the embedded feature of complete transparency of the judicial proceedings and the sale itself, the efficiency of the judicial proceedings reasserts Malta’s place as a leading jurisdiction for the judicial sales of vessels.
Click here for a more detailed analysis of the legal aspects of the Court’s decision.