Ann Fenech of Fenech and Fenech Advocates has revealed that there has been a healthy interest in the judicial sale by auction of the 95-metre (312-foot) superyacht Indian Empress, which is set to commence at 11:00am local time on 28th June.
The auction of the Oceanco-built vessel – which has been arrested by 13 creditors who between them are owed circa 2 million euros – takes place in the Law Courts building under the authority of judge Mr. Justice Mark Chetcuti, who issued the order for the sale.
Indian Empress will be sold to the highest bidder, who will then have seven days to deposit the purchase price in court. The title of the superyacht will then be transferred, clean and unencumbered, to the new buyer.
Creditors will be paid from the purchase price deposited in court via a ‘competition of creditors’ procedure.