As a consequence of the challenging times that the shipping and yachting industry faces, an increasing number of requests are being made regarding the procedure for arrest and forced sale of vessels, both in Italy and abroad. While arrest, or even the threat of arrest, may be a tempting way for a claimant to get the debtor's attention and hopefully receive payment, it may not be equally tempting to embark upon a forced sale procedure to collect the debt.
A forced sale procedure is commenced by submitting an application to the relevant court where the vessel is located or expected in the near future. A transcript from the vessel's register showing the identity of the owner and all registered encumbrances, including the registered basis for execution, must be included with the application.
The forced sale procedure in Italy is normally handled by a court-appointed assistant, typically a licensed sworn broker, who will market and sell the vessel in the same way as for ordinary second-hand sales, provided that the forced sale was made in accordance with the law of the forum and the rules of the Brussels Convention on Maritime Liens and Mortgages 1967.
As Licensed Sworn Brokers, Revello & Partners can legally organize the judicial sale by auction of yachts in Italy as court-appointed assistant.
For further information please use this form: link to module