GLATZER AND WARRICK SHIPPING LTD. v. BRADSTON LTD. TEKEM SEA ABYSS LTD. v. SAME (THE “OCEAN ENTERPRISE”)

[1997] 1 Lloyd's Rep. 449

QUEEN’S BENCH DIVISION(ADMIRALTY COURT)

Before Mr. Geoffrey Brice, Q.C. (Sitting as a Deputy Judge of the High Court)

Sale of ship - Validity - Beneficial owner - Sale of ship to third party - Whether valid transfer of ownership and registry - Ostensible authority - Directors’ powers and duties - Fraud on company - Whether agreement concluded - Meaning of “board meeting” - Issue estoppel - Whether alleged transfer of ownership and registry a sham and made pursuant to and to give effect to fraud on plaintiffs - Whether plaintiffs retained ownership of vessel - Inherent jurisdiction of Court to rectify register of ships. Sale of ship - Ownership - Diving equipment - Whether certain diving equipment on board vessel property of plaintiffs.