Sorainen provided legal advice to Regional Investment Bank – a credit institution in Latvia established in 2001 – as a mortgage creditor in a complex situation where the bailiff had initiated a forced sale of m/v Falcon by auction based on a maritime lien and a ship repair company had used its rights of retention and arrested the vessel due to unpaid repairs, whereas the bank’s claim was unsupported by an enforcement document.
Because the maritime lien and the ship repair company’s claim would take priority over the bank’s claim, the bank was in a situation where its mortgage on the vessel was practically worthless. We provided legal arguments for a complaint to the bailiff, resulting in successful termination of the auction of the vessel.
The client is advised by Sorainen partner Agris Repšs and senior associate Valts Nerets.
