BCEN-EUROBANK NOW KNOWN AS VTB BANK (FRANCE) SA v VOSTOKRYBPROM CO LTD AND OTHERS (THE “PHOENIX”)

[2014] 1 Lloyd's Rep. 449

EASTERN CARIBBEAN SUPREME COURT COURT OF APPEAL ST VINCENT AND THE GRENADINES

Before Mr BAPTISTE,Mr MITCHELL, HENRY

Admiralty practice – Mortgage of ship – Vessel registered in St Vincent and the Grenadines – Mortgage entered on register – Judicial sales of vessel in North Korea and in China – New owners seeking deregistration of vessel in St Vincent and the Grenadines – Mortgagee objecting to deregistration – Whether deregistration permissible whilst mortgage debt unpaid – Whether foreign judicial sales extinguished mortgagee's lien – Whether res judicata – Shipping Act 2004 – International Convention on Maritime Liens and Mortgages 1993.