Nedship Bank N.V. v. Zoodotis ( The )
T-186-99
Hargrave P.
24/3/99
3 pp.
Motion by Samsara Shipping Corporation, second highest bidder for the Zoodotis, to set aside ex parte order granting highest-bidder extra two days to transfer balance of purchase price to Vancouver-Ex parte order may be granted and, on application, set aside at discretion of Court-To set aside ex parte order there must be error of fact or law-To set aside two-day time extension would result in loss of very substantial deposit made by highest bidder-Order for sale of vessel setting out bidding process whereby successful bidder must pay purchase price within seven days, failing which bidder's deposit forfeited-Giving instruction to sheriff to seek new offers, to call for new tenders would delay process, not be equitable-Court exercising discretion to let highest bidder complete purchase-Forfeiture drastic event, particularly so when breach innocent one brought about through bank transfer problem-Law leaning against forfeiture-Proper, in interests of justice that highest bidder be allowed to complete purchase-Motion dismissed.