From late 2011 onwards U was in default and in March 2013 notices accelerating the loans were served and they were declared payable on demand. In May 2013, B issued claims in rem against each of the vessels, which were arrested. B argued that the aggregate debt amounted to almost €13.5 million. Anxious to realise its security in respect of the loans, it had received offers to purchase Union Gold and Union Silver for €4.7 million from D, the builder of the vessels, an offer to purchase the Union Emerald for €2.7 million from an existing client of the bank, and an offer from A, an entity controlled by the managing director of U, to purchase the Union Pluto for €329,000.

B applied to the court for an order that the four vessels be sold pendente lite. It also sought an order that the Admiralty Marshal, instead of appraising the vessels and selling them to the highest bidder, in accordance with usual practice, should sell each of the vessels at an agreed price to each of the named buyers. B had obtained various valuations which showed that the offers were largely in excess of the valuations.

Decision: Application declined (save for one of the vessels).

Held: (1) In the instant case, the proposed order did not provide for appraisement of the vessel by the Marshal, which was usually conducted with advice from his broker. (2) The court did not have the advantage that the Marshal had of discussing in confidence with the broker matters such as whether valuations that might have provided a discount for a forced sale had also taken into account the Marshal’s ability to give a title free of liens and encumbrances. (3) It was more appropriate that the Marshal, who had considerable