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Singapore: “Victor 1” auctioned for SGD 15.4 million in admiralty action

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  • by Admin
Creditors having a claim against the ship or proceeds of the sale thereof on which they intend to proceed to judgment should approach court within 90 days.
VICTOR 1

The High Court of the Republic of Singapore on 16 January received SGD 15.4 million [exact: SGD 15,422,601] (USD 11.75 million) over the sale of the India-flagged oil tanker Victor 1, according to a Government Gazette post on Thursday (26 January).

“All questions affecting priorities or the validity of the claim of any party to the proceeds of sale of the Vessel except as herein provided and affecting the amount of any such claim shall not be determined until after the expiration of ninety (90) days, beginning with the day on which the proceeds of sale are paid into Court,” it stated.

“Any person having a claim against the ship or the proceeds of the sale thereof on which they intend to proceed to judgment should accordingly do so before the expiration of that period.”

 

Photo credit: MarineTraffic / Konstantinos Goulianos
Published: 27 January, 2023

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