DORNOCH LTD AND OTHERS v WESTMINSTER INTERNATIONAL BV AND OTHERS (THE "WD FAIRWAY") (NO 3)

[2010] Lloyd's Rep. IR 1

QUEEN’S BENCH DIVISION (ADMIRALTY COURT)

Before Mr Justice Tomlinson

Insurance (marine) - Vessel becoming constructive total loss - Insurers rejecting notice of abandonment but paying for constructive total loss - Vessel sold by assured to associated company at undervalue - Insurers thereafter asserting right of salvage - Whether insurers had opted to waive salvage rights - Law applicable to proprietary effects of transfer - Renvoi - Insolvency Act 1986, section 423.