240Immediate sale of wreck in certain cases
(1)The receiver may at any time sell any wreck in his possession if, in his opinion—
(a)it is under the value of £5,000;
(b)it is so much damaged or of so perishable a nature that it cannot with advantage be kept; or
(c)it is not of sufficient value to pay for storage.
(2)The proceeds of sale shall, after defraying the expenses of the sale, be held by the receiver for the same purposes and subject to the same claims, rights and liabilities as if the wreck had remained unsold.