Modion Maritime Management SA v Admiralty Shipbrokers and Consultants (Pty) Ltd and Ors (The “Newlead Gujarat”) – KwaZulu-Natal High Court (Lopes J) – 15 May 2012

Admiralty practice – Court-ordered sale of ship – Sale by auction – Late payment of deposit by highest bidder – Auctioneer declaring second-highest bidder to be purchaser – Whether highest bidder paid deposit timeously – Whether auctioneer’s decision irrational

On 29 March 2012 the Court ordered the sale of the vessel Newlead Gujarat following an application by Bank of Scotland plc in an action in rem. Annexed to the sale order was a set of Conditions of Sale.