pvb
Well-known member
It could be that the secretary, who is paid a salary, wants to keep taking the salary for a bit longer.
The end of the East Coast Mutual Yacht Insurance Association Limited.
- Thread starter Kukri
- Start date
It could be that the secretary, who is paid a salary, wants to keep taking the salary for a bit longer.
Poignard
Well-known member
I don't think that's a fair assumption, because
a) she been very ill; and
b) the winding up process is probably now entirely in the hands of lawyers and accountants.
pvb
Well-known member
I'm sorry to hear she's been ill, but if this has affected her ability to function effectively, shouldn't the committee have appointed someone else to the role? Or is the fact that her husband is on the committee an influence?
Poignard
Well-known member
Perhaps you should ask her or her husband.
pvb
Well-known member
Surely the committee has a duty of care to the members to administer the company efficiently? They have a million quid of members' money sitting around somewhere.
Poignard
Well-known member
Liquidation could not start until all insurance cover ceased on 31 March 2020.
That's 15 months ago and I suppose Covid will have slowed things up.
But how long do you think the liquidation of an insurer would normally take? I have no experience to go on.
Even so, looking through the correspondence, I see a letter dated march 2020 which ends with this :
"You will continue to receive periodic correspondence relating to the closure of the Association."
That's the last communication I have had.
I have written to the Secretary asking what is happening.
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pvb
Well-known member
Good plan! Don't hold your breath though...
RobWatt
New member
I have previously written and e mailed and received no response . No Covid will not have affected any winding up as all courts have been working virtually and yes a company is under an obligation to appoint an assistant secretary if the secretary is unable to fulfil their obligations . Yes any company must be wound up within the financial year it stops trading unless there are less than six months outstanding or there are unpaid financial obligations . All of this is quite forgivable if there had been any form of communication. If anyone on this forum has access to the committee then perhaps a request for an update may be appropriate .
Poignard
Well-known member
A good job I didn't hold my breath.
I wrote a polite letter on June 5th asking for information but answer came there none.
RobWatt
New member
A delay is fair enough and everyone would sympathise and understand but the lack of communication from the committee and or trustees is simply unacceptable .
pvb
Well-known member
Poignard
Well-known member
Even if the ECMYIA office is unable to respond to individual queries I don't see any reason why a circular cannot be emailed to former policy holders telling us what's going on.
pvb
Well-known member
If members are unhappy about the failure of the secretary to respond to enquiries, they can write to the secretary requesting an Extraordinary Meeting to discuss the matter. At least 5 members need to send this requisition. If the secretary declines to call an Extraordinary Meeting within 21 days, any 5 members can jointly convene an Extraordinary Meeting.
Poignard
Well-known member
Interesting. But are we still members, now that we no longer hold policies?
pvb
Well-known member
Yes.
RobWatt
New member
I have now got totally fed up with the absolute lack of any communication or response . Its fair enough that it may take time and there may be reasons but if we were made aware of these reasons it would not be a problem . The refusal to communicate is unacceptable . I have now raised this as a query with the Financial Conduct Authority . Should anyone else wish to the reference s 207704671
Kukri
Well-known member
Umm. Hasn’t there been some sort of a pandemic? The ECMYIA was run on a shoe string anyway.
If someone has been a member for decades and has never made a claim they might feel entitled to some of the surplus.
I made a claim in October 1987 so that rules me out.
I actually had three boats
entered when the Association was closed to be wound up, and the decision was made that all members would be treated equally. I didn’t whinge about that, and it would be nice to know whether all the members who are sounding off, here, have all been members for ages.
The ECMYIA provided an excellent service, which not enough people wanted, and as was made clear at the time the reason for closing it was the incredibly high cost of compliance with today’s insurance legislation.
We should all be grateful for having had it, we all benefitted from it, and if there is a penny in the kitty at the end of the winding up that will be nice.
“End of…”
*One current big one, one for sale and my son’s Squib.
If someone has been a member for decades and has never made a claim they might feel entitled to some of the surplus.
I made a claim in October 1987 so that rules me out.
I actually had three boats
entered when the Association was closed to be wound up, and the decision was made that all members would be treated equally. I didn’t whinge about that, and it would be nice to know whether all the members who are sounding off, here, have all been members for ages.
The ECMYIA provided an excellent service, which not enough people wanted, and as was made clear at the time the reason for closing it was the incredibly high cost of compliance with today’s insurance legislation.
We should all be grateful for having had it, we all benefitted from it, and if there is a penny in the kitty at the end of the winding up that will be nice.
“End of…”
*One current big one, one for sale and my son’s Squib.
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Kukri
Well-known member
That is spectacularly out of order. It is, in fact, not only at odds with the facts, but defamatory.
try the website?
The East Coast Mutual Yacht Insurance Association Limited
Kukri
Well-known member
More defamation . Maybe you should consider your position?
The fact is that the Secretary was made redundant by the Committee as soon as possible in order NOT to increase the cost to the Members and the affairs of the Association are in the hands of the liquidators as a solvent liquidation.
I do know who the liquidators are, but since they haven’t felt it necessary to tell us, I don’t think I should name them.
I do think it is a pity that no member of the Committee has commented.
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Kukri
Well-known member
I don’t know what our celebrated Moderators have been doing, but there are some rather serious defamatory statements on this thread.