Court orders sale of €2.1m boat

A court yesterday ordered the sale of the vessel MY Louis And The Girls to a named buyer over a hypothec registered on the sleek cabin cruiser. The court concluded that the offer made for the boat exceeded the valuations that had been obtained for it and that the offer was advantageous. Christel Kuhne told the court that she was owed €2.9 million in respect of the boat and that she had a marine hypothec for this amount registered on it. As no payment had been made by the owner, Ms Kuhne requested the First Hall of the Civil Court, presided over by Mr Justice Mark Chetcuti, to sell it. The court noted Ms Kuhne had filed two valuations of the vessel, which had been drawn up by independent international ship valuers. One put the value at between €1.8 million and €1.9 million and the second at €1.7 million to €2 million. The court heard that PFM Yachting LLC had put in an offer of €2.1 million for the vessel. This was an advantageous offer and exceeded what the creditors might obtain through a judicial sale by auction. Mr Justice Chetcuti therefore authorised that the sale could go ahead.