Ann Fenech of Fenech and Fenech Advocates this morning confirmed that there has been very healthy interest in the judicial sale by auction of the 95m superyacht, Indian Empress.
The auction of the vessel, which has been arrested by 13 creditors which between them are owed c. €2 million, will be held at 11am tomorrow (28 June) in the Law Courts building under the authority of the judge, Mr. Justice Mark Chetcuti, who issued the order for the sale.
The vessel will be sold to the highest bidder who will then have seven days to deposit the purchase price in Court. Title of the vessel will then be transferred, clean and unencumbered, to the new buyer.
The creditors of M/Y Indian Empress will then be paid from the purchase price paid in court through a process called a 'competition of creditors' procedure.
SuperyachtNews will update its readers on the result of the auction tomorrow.
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