Interlegal lawyers provided legal support of yacht sale & purchase at 1.5 million EUR
Interlegal regular client filed a request for legal support of yacht (30 meters long) sale & purchase amounting to 1.5 million EUR.
In order to preserve the current yacht ownership structure, sale & purchase deal concerned shares in the company – yacht owner, with focusing on specifications of the deal related to actual yacht transfer as the company’s property. In the framework of project, we provided a complex legal support and represented our client as the Seller, namely: due diligence of the Buyer (both the company itself and its beneficiary), drafting a share sale & purchase agreement jointly with documents required for the deal, as well as changing the company shareholder.
Special feature of the deal was the fact that payment was made in two installments: principal amount was paid immediately after signing the agreement, while balance amount was paid in installments, while the yacht was transferred at the Buyer’s disposal following payment of principal amount.
With regards to the above specification, in order to secure fulfillment of the Buyer’s obligation upon balance payment under the sale & purchase agreement, we proposed to register pledge on the yacht in the Ship Register. In case of failure to fulfill such an obligation, the Seller will the right to foreclose on the yacht as the subject of pledge. For this purpose we drafted a deed of covenants, governed by the English law, fixing the Buyer’s principal obligation secured by pledge, rights and obligations of the pledgee and the pledger, as well as special terms and conditions, e.g. the Buyer’s obligation to secure the yacht for pledge validity term.
Correct deal upon yacht sale & purchase is a precondition for her subsequent successful operation. It should always be concluded very thoroughly, by means of verifying both the counteragent and the yacht, developing the deal mechanism and, if necessary, using mechanisms aimed at proper fulfillment of the counteragent’s obligations.
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