Arrest and Auction of the MV Vasi

The MV “Vasi” was a vessel in a fleet of vessels (approximately 10) operated from Cyprus. Finance for the acquisition of the fleet had been procured from the Royal Bank of Scotland. The borrowers fell into arrears on loan payments, which resulted in the foreclosure and arrest of the vessels world-wide. Unpaid creditors also commenced legal proceedings against the vessels.
The MV “Vasi” was arrested when it arrived off the port of Cape Town, the vessel having sailed from Nouadhibou, Mauritania. We acted for the master, officers and crew (Greek, Ukrainian and Philippino nationals) in negotiations with the mortgage holder, the Royal Bank of Scotland, for the crew to obtain interim payment of portions of their wages, as well as allotments to their families overseas.
The vessel was then sold by court auction and we lodged claims for the balance of the monies due to the crew, including severance pay. The crew obtained payment and we assisted in their repatriation.

The “Vasi” at anchorage, Table Bay.

Vasi 1

The court papers for the arrest of the “Vasi” by the mortgage holder could not be effected in the customary manner as the sheriff’s access to the vessel was initially denied when the vessel was first anchored in Table Bay.

Vasi 2

Whilst on the launch, the sheriff then affixed the arrest papers by sealing them in a plastic sleeve and duct taping the sealed sleeve to the hull of the vessel.

Vasi 3

The sealed sleeve of arrest papers was attached so securely to the hull, then some 3 or 4 months later, the sleeve was still on the hull until just before the new owner took delivery of the vessel after the court auction.

Vasi 4

Sheriff Mark Withers boarding the vessel whilst she was alongside pending her auction.

Vasi 5

View looking forward from the master’s office on the vessel.

Vasi 6

The crew’s final day on the vessel immediately before leaving on their flights home.

Vasi 7

Crew departing MV “Vasi”.