Advertorial: Sale of the SAILPRINCESS

Photographer: Gerolf Drebes


By Istanbul Anatolia 11th Execution Office

(The Ship is not Registered in the Turkish Register of Ships)

The vessel named SAILPRINCESS, which was (seized) due to unpaid debt and whose registration records, value, date and time of sale, and main features are given below, has been put on sale by auction by Istanbul Anatolia 10. th Execution Office.

Notification of the Sale Announcement According to the Article 127 of the Enforcement and Bankruptcy Law (EBL):
With this announcement for sale, it is hereby notified by PUBLICATION to the concerned parties whose names have been provided in the submitted registration records but whose addresses could not be found therein provided that notifications sent to them cannot be served.

Complaint to Procedures and Objection according to Article 142 of EBL:
It is hereby notified by publication to the concerned parties in accordance with the Articles 83, 100, 142, 151 of EBL, and Articles 789 and 777 of the Civil Code that, should the auction take place to the account of debts or the sum of sale is paid to the mortgage holder in accordance with the Article 138 of EBL, the concerned parties should follow the sale procedures and submit their petition with due explanations as to their use of their right of complaint and objection to the sale due to the contradiction in procedures in accordance with the Article 142 of EBL.

Ship Registration Records : The subject ship is not registered to Turkish Register of Ships.
Existing State : Under the appraisal conducted by our Office through an expert, the main features of the Malta Flagged ship named MV SAILPRINCES with IMO number 8876182, have been found as follows: length overall (loa) 113,30 m, length between perpendiculars (lbp) 107,28 m, width 14,80 m, GRT 2594 RT, net tonnage 859RT. (Additional specs can be found in detail in the file of our Office)
Value : The value assessment for the whole of the ship was found as 187.000-USD
Sale Conditions : For the ship whose open registration records, construction information and existing state are given above;

1st Auction; will be held at Republic of Turkey Istanbul Anatolia Court (Door No-2) salesroom between 1140 and 1150 on MONDAY, 30 JANUARY 2017. In this auction, sale contract is awarded on condition that the sale price reaches 50% of the appraised value of the ship and that it passes the total of the sum of the receivables of the preferred creditors – if any – and the costs of the auction. And in the absence of such a bidder a second auction is held with the bid of the best bidder is reserved;
2nd Auction; will be held at the same place and time on Friday, 24 FEBRUARY 2017. If no qualified offer is found in this auction too, the contract for sale of the ship will be awarded to the best bidder at the end of the period provided in the announcement for the auction with the bid of the best bidder is reserved. Auction price should be at least equal to 50% of the appraised value of property, and it should be more than the total of the preferred creditors’ receivables plus the sale and allocation charges. Sale request will be dropped if no bidder comes out with such a sum of bid.
a) The bidders are required to submit as down payment a definite letter of guarantee unlimited in time at the sum of 20% of the assessed value of the ship as issued in national currency by a national bank, over the exchange rate on the date of selling, and the bidders to bid on account of their receivables are required to submit a definite letter of guarantee unlimited in time at the sum of 20% of the receivables of the creditors ranking before them (limited with the 20% of the estimated value of the ship). No foreign currency is accepted as guarantee due to the fluctuations in the exchange rates and in accordance with the Article 1 of the Law No. 805.
(Over the exchange rate on the date of selling)
b) The sale takes place against cash payment. The buyer may be given a time of up to seven days maximum for the payment as applicable. The contract value is deposited to the cash desk of the Execution Office even though an objection is filed against the auction (Article 134/4). Brokerage commission, auction stamp, title deed fees and charges, and value added tax are collected from the customer separately.
c) By participating to the auction, the bidders are deemed to have accepted to bid in the auction after reviewing the execution file, the ship’s registration records, specifications, and the relevant announcements and notifications, and that they have considered the legal consequences and liabilities arising from the ship’s registration records and its complementary parts, if any.
d) Since no order table is prepared for the payment of the lien in practice and for the sale on account of the receivables despite the compulsory provisions of the Articles 140, 151 and 268 of the EBL; those who have attachment, mortgage, promise of sale and other rights on the movable property are required to follow the auction process, use their right of action and submit their petition with their explanations on their objections and complaints to the order and original sum of receivables of institutions like Social Insurance Agency and Social Security Agency for the Artisans and the Self-Employed, and that they should use their right of action within 7 days following the date of sale in accordance with Articles 100, 151 and 268 of EBL and the Law No. 4792.
e) Mortgage holders and other concerned parties (*) are also required to submit their rights on the subject property and their claims for the interest and other charges in particular to our office together with the evidential documents within 15 days. Otherwise, they will be exempted from the allocation unless their rights are registered in the registry office.
f) Bidders and the guarantors who join the auction but cause its cancellation by not paying the bid sum subsequently are jointly and severally liable for the difference between the sum of their bids and the final auction price, as well as other losses and the default interest starting from the 10th day they are required to deposit the sale price. The difference in the auction price and the default interest will be collected by our Execution Office without any need for a court decree, and this sum will be collected from the deposited guarantee, if any.
g) These specifications can be seen by everyone in our Office starting from the date of the announcement, while potential bidders can get a copy of it against the payment of the stamp fee.
h) It is hereby declared that by participating to the auction all bidders will be deemed to have seen the specifications and accepted its content, and that more information can be provided at our Office upon application to our Office with reference to the File No. 2016/392.

Deputy Bailiff
Kubilay DEMİRCİ (94258)

• (Enforcement and Bankruptcy Law, 126)
• (*) Concerned parties also include the easement right holders
• Regulation, example No:27
• NOTE: The ship is anchored at the place provided in the file of our Office.
• All customers may see the ship subject to the approval of the Port Authority.
• This copy corresponds to the copy 64 used in practice before this regulation.

Republic of Turkey
Istanbul Anatolia
10. th Execution Office
File No: 2016/392 Regulations

Photograph: Gerolf Drebes/Shipspotting

Disclosure: This article is paid for and produced by Istanbul Anatolia 11th Execution Office and does not necessarily reflect the view of World Maritime News. No member of the editorial team took part in creation of this advertorial.
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