The "Swiber Concorde" [2018]

The "Swiber Concorde" [2018] SGHC 197 — 7 September 2018 (Pang Khang Chau JC)

“Further to an abortive sale, the Sheriff sold the arrested vessel pursuant to clause 16 (b) of the Conditions of Sale "If the Buyer fails ... to make any one of the payments... the Sheriff... may... forfeit all payments made by the Buyer...". Although the sale contract was made between the Sheriff and the Buyer, the Court found that the forfeited sums in the earlier abortive sale should be treated as part of the proceeds of the judicial sale of the vessel. They could not be retained by the Sheriff for public benefit as the Sheriff did not contract on behalf of the State but for the benefit of the parties interested in the arrested vessel and the title to the vessel rested with the shipowner.”

Antonino Cordopatri
E. G. Arghyrakis & Co.
16th January 2019