(THE “WD FAIRWAY”) (NO 3)

[2009] 2 Lloyd's Rep. 420

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