Extract to table

The advertising requirements are as follows: (a) Advertisements must be published in appropriate maritime and trade publications, as well as in local newspapers in Singapore

2 Competitive Bidding The standard procedure for the sale of an arrested vessel by public auction in Singapore is as follows: (a) Registration of bidders: Prospective bidders must register with the Sheriff in advance of the auction

The deposit is usually set at 10% of the reserve or appraised value and must be paid by cashier's order or bank draft prior to the auction

3 Completion of Sale Upon acceptance of the highest bid by the court, the successful purchaser must pay the balance of the purchase price — that is, the total purchase price less the deposit already paid — within the period specified by the court

As of the date of this memorandum, we are not aware of any registered mortgage, but this must be confirmed

(b) Claimants must file their claims in the prescribed form, setting out the nature and amount of their claim, the basis for their asserted priority, and supporting evidence