Sorainen has provided legal advice to Regional Investment Bank – a credit institution in Latvia established in 2001 – as a mortgage creditor in a maritime dispute involving the forced sale of a ship.
Sorainen describes the matter as "a complex situation where the bailiff had initiated a forced sale of m/v Falcon by auction based on a maritime lien and a ship repair company had used its rights of retention and arrested the vessel due to unpaid repairs, whereas the bank’s claim was unsupported by an enforcement document. Because the maritime lien and the ship repair company’s claim would take priority over the bank’s claim, the bank was in a situation where its mortgage on the vessel was practically worthless."
According to the firm, "we provided legal arguments for a complaint to the bailiff, resulting in successful termination of the auction of the vessel."
The Sorainen team was led by Partner Agris Repss and Senior Associate Valts Nerets.