Joint Stock Society Oceangeotechnology v. 1201 ( The )
T-2640-93
Pilon A.O.
23/11/93
5 pp.
Dispute as to amount of security to be posted to secure release of defendant's ship -- Application to release ship from arrest pursuant to Federal Court R. 1006(2)(a) -- Formal mechanism known as "bail hearing" to enable interested parties to get together before Approving Officers to present respective positions regarding validity or amount of bail bonds developed -- Under R. 1005(1) bail shall be given to satisfaction of Approving Officer -- Similar informal hearing can also take place when payment into Court made under R. 1006(2)(a) -- Concept of word "bail" as described in RR. 1004, 1005 synonymous with word "security" in R. 1006 -- RR. 1004, 1005, 1006 read together -- Approving Officers not normally issuing release upon payment into Court of amount alone, but also considering interest, costs -- Amount of security required: US $140,000 -- Commercial interest rate set arbitrarily at eight percent per year over two years (earliest likely trial date) -- Federal Court Rules, C.R.C., c. 663, RR. 1004, 1005, 1006(2)(a).