Ateni Maritime Corporation v. Great Marine Ltd. (The Great Marine) - Q.B.D. (Com.Ct.) (Leggatt J.) - 24 July 1989

Sale of ship - Right of cancellation if purchase monies not paid in full - Buyers freeze part of purchase monies with Mareva injunction - Whether sellers entitled to cancel

The plaintiffs agreed to purchase the vessel Great Marine from the defendants. The sale agreement provided that the purchase price was to be U.S. $9,500,000 cash. The buyers were to pay a deposit of 10%, with the balance on completion. The agreement further provided: