GETTING THERE IN THE END
Where there is no obvious asset, such as a ship or bunkers, then other methods need to be considered. A ship agent was owed US$75,000 by a Greek ship management company which had no obvious assets apart from a hydrofoil which could not be traced. The Club's lawyers filed a conservative arrest order preventing the legal transfer of the ownership of the hydrofoil and commenced legal proceedings against the debtor company. The Club eventually managed to obtain payment by means of post-dated cheques, which were unfortunately not honoured. The hydrofoil was located in a repair yard and arrested. Two auctions failed to produce a buyer for the hydrofoil, and the Greek Seamen's Pension Fund declared an interest. As the Fund's claim would obviously take precedence, other assets were sought. It is a criminal offence to issue cheques drawn on a Greek bank without sufficient funds to cover them and proceedings were commenced against the parties who signed the cheques. The Club's lawyers applied to the courts for an order to sell an apartment belonging to one of the signatories, and this, at long last, resulted in the ship agent receiving US$75,000.
Unfortunately it had taken four years and cost US$40,000. A case of determination winning in the end.