Knowledge Highlights 24 April 2024
High Court determines bids in first round of tenders under order for sale of vessel remain valid during subsequent rounds
The High Court in United Overseas Bank Ltd v The Owners and/or Demised Charterers of and/or Other Persons Interested in the Ship or Vessel “Limin Rosmina” (Petronas Carigali Sdn Bhd, intervener) [2023] 8 CLJ 649 found that a second round of tenders under an order for sale did not invalidate the bids made during the first round. The court also found that the sheriff has the power to sell the vessel at a sum below the appraised value if the offer in question is still valid and capable of acceptance.
To read the article, which provides an overview of the court’s decision, please click here.
This article was prepared with the assistance of Principal Abd Azim Bin Abd Razak and Associates Prabjit Dev Singh and Kimberly Lim Ming Ying.
