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Notice of compulsory auction of vessel MASALLI

Notice of compulsory auction of vessel MASALLI

Published: 26 September 2018

Notice of compulsory auction of vessel MASALLI (IMO 9435313)


Bailiff Elin Vilippus (address A. Lauteri 5, 3rd Floor, Tallinn) is selling at an ORAL auction on 31.10.2018 at 12:00 vessel MASALLI (IMO 9435313) belonging to Pal Shipping Trader Two Co. Ltd (Maltese registry code C 41394).

1. General information of the auctioned vessel MASALLI (IMO 9435313):
• Name of the ship: MASALLI
• Owner: Pal Shipping Trader Two Co. Ltd (Malta registry code C 41394)
• Registry number: 060425
• IMO No: 9435313
• Home port: Valletta
• Foreign vessel/ship, flag state: Malta
• Type of ship: Oil tanker
• Year built: 2007
• Builder: JSC Krasnoye Sormovo Plant, Nizhniy Novgorod, Russia
• Tonnage: 7833 GT/ 3356 NT
• Length: 150.15 m
• Breadth: 17.30 m
• Height: 10.50 m

2. The bailiff is not aware of the technical condition and possible defects of the vessel. The vessel is staying in the port of Vene-Balti Sadam, Tallinn. The technical survey of vessel was organized by the claimant on 18. July 2018.

3. The starting price of the vessel at the auction: EUR 4,800,000.00

4. Restrictions and encumbrances incumbent on the vessel based on the information available to the bailiff:

4.1. According to an extract from the Maltese shipping register vessel MASALLI is subject to a ship mortgage to secure the claims of creditor Credit Suisse AG (Swiss registry code CHE-106831974). The vessel may have additional claims, which are secured by maritime lien.

4.2. Vessel MASALLI (IMO 9435313) belonging to Pal Shipping Trader Two Co. Ltd (Maltese registry code C 41394) was seized under court order No 2-18-1000 of 22 January 2018 of Harju County Court and instrument of seizure of vessel No 022/2018/574 of 23 January 2018 issued by bailiff Elin Vilippus based on a claim filed by creditor Credit Suisse AG (Swiss registry code CHE-106831974).

4.3. Vessel MASALLI (IMO 9435313) belonging to Pal Shipping Trader Two Co. Ltd (Maltese registry code C 41394) was seized under instrument of seizure of vessel No 022/2018/1063 of 16 February 2018 issued by bailiff Elin Vilippus based on a claim filed by creditor Credit Suisse AG (Swiss registry code CHE-106831974).

5. Pal Shipping Trader Two Co. Ltd is subject to enforcement procedure based on an application filed by Credit Suisse AG (Swiss registry code CHE-106831974) in enforcement matter 022/2018/1063. The enforcement procedure is carried out based on European enforcement order of 13 February 2018 issued in the Republic of Malta.

6. Time, place and conditions of auction:

6.1. Registration for the auction shall take place before the beginning of the auction in the bailiff’s office. To this effect, please arrive 45 minutes before the beginning of the auction and fill in the registration form. The registration form shall be issued in the bailiff’s office.
A person shall be registered as a participant in the auction if the registration application and the appendices thereto (approvals, powers of attorney, etc.) conform to the terms and conditions of the auction, the deposit has been paid, and then the person may participate in the auction as a bidder. If the tenderer is represented by an authorised representative, a power of attorney must be submitted to the bailiff that is authenticated notarially or pursuant to the procedure equivalent to notarial authentication. Foreign legal persons must submit a certificate of registration or an extract from the respective register that has been certified with an apostille or legalised as well as documents that verify the right of representation of the representative (translated to Estonian or English, if the original copies have been drawn up in other languages).

6.2. The deposit 20 000.00 euros must be paid to the account of bailiff Elin Vilippus in AS SEB PANK; account no. EE321010011610228222; payment description – “deposit for participating in auction on 31.10.2018, MASALLI, name of purchaser”. The deposit shall be considered to have been paid as of the moment of receipt thereof.
The deposit must be received at the latest by 29 October 2018. Any delayed transfers shall not be considered. The deposit paid by the purchaser shall be included in the purchase price whereas the deposit paid by the other participants in the auction shall be repaid on the working day that follows the auction date. The state, local governments, Eesti Pank and the claimant and the pledgee, if their claim covers the required deposit, are exempt from the obligation to pay the deposit.

6.3. The bidding increment for the auction shall be 1,000 (one thousand) euros.

6.4 A person who wishes to purchase a movable at an oral auction of the movable may, until the beginning of the auction, submit a written bid to the bailiff that shall set out the following: the name, personal identification code or registry code and place of residence or registered office of the person proposing the price, a general description of the object, and the price proposed for the object. A written bid shall be submitted at the latest by 31 October 2018 at 12:00 in a sealed envelope that bears the marking “MASALLI auction”. The envelope shall be opened at the oral auction. The bid may not be conditional. A copy of the identity document of the bidder must be appended to the bid. Legal persons who are registered in Estonia must append an extract of the Commercial Register card whereas foreign legal persons must append a certificate of registration or an extract from the respective register that has been certified with an apostille or legalised as well as documents that verify the right of representation of the representative (translated to Estonian or English, if the original copies have been drawn up in other languages).

6.5. If the purchase price is lower than 12,700 euros, the winner of the oral auction shall pay the purchase price immediately after the auction. If the purchase price exceeds 12,700 euros, a tenth of the purchase price must be paid immediately after the auction and the remainder must be paid within 15 (fifteen) days. If the purchaser is the debtor, the entire purchase price must be paid on the working day that follows the auction. Immediate payment shall mean the payment of the purchase price in cash or to the bank account determined by the bailiff. If the purchase price is paid to the bank account determined by the bailiff, the purchase price shall be considered to have been paid to the bailiff as of the crediting of the bailiff’s account to the extent of the purchase price. The bailiff may also accept a payment guarantee in an amount that at least equals the purchase price and has been issued without a term, irrevocably and unconditionally by a credit institution in Estonia or another Member State of the European Union as immediate payment.

THE BAILIFF SHALL DECLARE THE AUCTION TO HAVE FAILED IF THE BEST BIDDER FAILS TO PAY THE PURCHASE PRICE OR A TENTH OF THE PURCHASE PRICE BY THE PRESCRIBED TIME. In such case, the object shall be immediately submitted to a repeated auction. The initial purchaser shall not participate in the repeated auction organised due to the circumstances specified in this passage. The deposit that they paid shall not be refunded and it shall be transferred to the common budgetary section of the Chamber. The initial purchaser shall also pay the difference between the price offered by the initial purchaser and the price offered at the repeated auction if the price offered at the repeated auction is lower than the price offered by the initial purchaser. The debtor shall be entitled to collect the specified difference in price from the initial purchaser.

If the purchaser wishes to purchase the object sold at the auction by means of a loan granted by a credit institution, they shall notify the bailiff thereof immediately after their bid is declared to be the best. The obligation provided in § 93 of the Code of Enforcement Procedure to pay a tenth of the purchase price or the total purchase price immediately shall not apply to the purchaser upon the payment of the purchase price by means of a loan. The purchaser undertakes to pay the total purchase price or ensure the performance of the obligation to pay the purchase price by a credit institution within 15 (fifteen) days as of the day following the date the bid is declared to be the best. The debtor cannot apply for the payment of the purchase price by means of a loan. If the purchaser wishes to purchase the object sold at the auction by means of a loan granted by a credit institution or applies for the extension of the term for the payment of the purchase price (if the purchase price exceeds 12,700 euros) by an additional period of 15 (fifteen) days, they shall notify the bailiff thereof immediately after their bid is declared to be the best.

7. Rights of third parties, including claims secured by maritime lien
Persons must inform the bailiff of their rights concerning the object to be sold before the commencement of the auction if the bailiff has not yet been notified of any such rights, and the respective rights must be reasoned and justified at the request of the bailiff. Persons who hold rights that can prevent the auction from taking place must ensure the termination or suspension of the auction before the date of division of the receipts from the sale by way of agreement with the claimant or on the basis of a court judgment.

The bailiff must be informed in writing before the commencement of the auction of any and all persons who hold rights that are secured by maritime lien and their claims.

We are asking that the bailiff be informed in writing of the rights of third parties, including rights secured by maritime lien, before the commencement of the auction (i.e. by 29 October 2018 at the latest) via e-mail at the address elinvilippus.buroo@taitur.vilippus.ee or by post at the address A. Lauteri 5, Tallinn 10114.

8. Examination of the ship is possible in port of Vene-Balti Sadam, Tallinn at a time that has been agreed on with the bailiff in advance. Any persons who wish to examine the object or require information concerning the technical condition of the object are asked to use the following contact details:
telephone 684 0620 or e-mail viljo.konsap@taituriabi.vilippus.ee.

For any questions concerning the organisation and conduct of the auction, please address: telephone 684 0620 or e-mail viljo.konsap@taituriabi.vilippus.ee.
The auction shall be held in the bailiff’s office at the address A. Lauteri 5; 3rd storey, Tallinn. The deposit must be paid to bank account no. EE321010011610228222 (SEB Bank) of bailiff Elin Vilippus.

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