Cains assists with super yacht enforcement

Cains acted for a Eastern European bank in the enforcement of its security over an Isle of Man registered 60 meter motor yacht.

The work included the provision of advice on enforcement proceedings and the preparation of documents required to progress the enforcement itself. The enforcement process was also supported by Cains Fiduciaries who provided services in relation to an SPV which held the debt and the security interest under an assignment agreement and who provided the initial receivers who were appointed to take possession of the yacht pending its sale.

The Cains team was led by Tim Shepherd (Corporate) with Richard Jones and Oliver Webster acting as the receivers.