The end of the East Coast Mutual Yacht Insurance Association Limited.

[Kukri]

I want to make a general point:

The surplus accumulated by the ECMYIA is the result of careful underwriting and good conduct by members over many years.

It was indeed a club and it’s Directors were not, afaik, remunerated. The Secretary was paid a pittance.

Those of us who happened to be members at the moment when it ceased underwriting, and who are hoping to benefit from a distribution of the accumulated reserve, are just lucky. We are not “getting our money back”.

We are hoping to benefit from a small windfall.

 

[RobWatt]

My point remains good:

According to CH, no liquidators have been appointed and the company is not in liquidation. It may be taking advice on (future) liquidation but that is entirely different.

The above notice itself is contradictory. It refers to the company taking advice on liquidation and, at the end, refers to 'the liquidators' - those two statements cannot stand together in my view.

Further, the notice gives an address which is not the registered or trading address for the company. It directs enquiries to a third party whereas members are entitled to communicate with the company itself.

No doubt RobWatt and PVB will be along shortly

I will make no further comment other than disappointment at the time and efforts it has taken to elicit even that meagre response . Thirty plus years of courtroom experience has taught me one thing that is the more straightforward and simple the matter the longer it can take .

 

[pvb]

My point remains good:

According to CH, no liquidators have been appointed and the company is not in liquidation. It may be taking advice on (future) liquidation but that is entirely different.

The above notice itself is contradictory. It refers to the company taking advice on liquidation and, at the end, refers to 'the liquidators' - those two statements cannot stand together in my view.

Further, the notice gives an address which is not the registered or trading address for the company. It directs enquiries to a third party whereas members are entitled to communicate with the company itself.

No doubt RobWatt and PVB will be along shortly

It seems typical of the poor communication skills of the directors. In post 73, I said "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." I still reckon this might be the fastest way of getting a result - call an EGM and replace the committee.

 

[Kukri]

I have the permission of the Liquidators to post this email from them here:

Quote:

“Thank you for your email of 14 September 2021 and for bringing to our attention the YBW bulletin board.


“I can confirm that this firm is instructed to assist the board in placing the East Coast Mutual Yacht Insurance Association Ltd into solvent liquidation.



“We are currently finalising the steps necessary to place the company into liquidation and we will be convening a meeting of the members once those steps have been completed. We will be in touch with members regarding the meeting in the very near future.



“Yours sincerely


“Lisa Haste”

unquote

 

[Poignard]

Thanks Kukri.

 

[RobWatt]

I am grateful that this has finally been brought into compliance and for the receipt of a letter from the Chair . It is disappointing that a relatively simple affair has been blighted through lack of communication . Surely a lesson learned and I do not expect the matter to fall into an information void at any time in the future . Thanks to all who supported and to those who perhaps had a different view my thanks as well.

 

[Pedro2559]

Just joined this forum. As an ECMYIA member for quite a number of years I agree with a lot of the feeling expressed in this thread that the wind up has been taking an extraordinarily long time in moving to a conclusion. Also, the lack of communication from the committee has been very disappointing. Thanks to those in this thread who have got things moving in the right direction.

 

[Kukri]

Just joined this forum. As an ECMYIA member for quite a number of years I agree with a lot of the feeling expressed in this thread that the wind up has been taking an extraordinarily long time in moving to a conclusion. Also, the lack of communication from the committee has been very disappointing. Thanks to those in this thread who have got things moving in the right direction.

I don’t know whether you mean the people who criticised the ECMYIA Committee here on the forum, or the person who actually contacted the Committee and the Liquidators, but assuming you meant the latter, thank you.

As someone who has been involved professionally in insurance liquidations in less happy circumstances before, (Fire, Auto and Marine, in my first year in the City, the Oceanus P&I Club, the Liverpool and London P&I Club - note the last two were, like the ECMYIA, mutuals) I really don’t think there has been any delay.

The Association ceased underwriting on 30/3/2020. That’s a year and a half ago. I’d say that is pretty quick, and the Committee and the Liquidators are to be congratulated, not abused.

 

[RobWatt]

I wish to make a final point . Initial letters to the secretary , chairman and others were not acknowledged nor was any response received . I make to comment on the fact that they came from an unconnected member . After several attempts to elicit information the matter was referred to the Financial Conduct Authority as a matter of non compliance . There has been no abuse as suggested by another contributors to this forum . Law and regulation is in place to ensure compliance and I do expect that a reminder of such obligation was instrumental in bringing this matter into a regulatory state . However such compliance is an ongoing duty and I sincerely hope those involved do not need any further reminders .

 

[Kukri]

[Inappropriate quoted content removed]

As a matter of interest, do you mess about in boats, at all?

 

[RobWatt]

For well over forty years . A rather superfluous point to make.,

 

[Kukri]

I repeat the point that I made earlier:

I want to make a general point:

The surplus accumulated by the ECMYIA is the result of careful underwriting and good conduct by members over many years.

It was indeed a club and it’s Directors were not, afaik, remunerated. The Secretary was paid a pittance.

Those of us who happened to be members at the moment when it ceased underwriting, and who are hoping to benefit from a distribution of the accumulated reserve, are just lucky. We are not “getting our money back”.

We are hoping to benefit from a small windfall.

 

[Poecheng]

I repeat the point that I made earlier:

But two of those points are not obviously correct.
A: Re surplus - no issue
B: The last accounts filed - y/e 31 December 2019 at page 13 (§8) - show 'remuneration as General Manager and Secretary' (the wording indicates to me it is the same person) of £31,162 (2019) and £31,000 (2018). This is consistent with the entry at page 6 'Operating Expenses' where the entry General Manager and Secretary's salary and employer's NI shows £35,417 (2019) and £34,124 (2018). Other than observing that few would describe it as a 'pittance' I do not comment on the level of remuneration.
C: It is the member's money and members are getting their share of the value of the company upon liquidation - that is the trite legal position. If not the members' money then whose? If you mean they have benefitted from the input of members that have gone before them that is a different proposition and it goes hand in hand with being a mutual company and often any company. It is not remarkable to the ECMYIA and doesn't change the company's responsibilities.

 

[WF36]

Very sad to hear that Jane passed away last week.

 

[Kukri]

Very sad to hear that Jane passed away last week.

Yes. Thank you for posting that sad news.

 

[7Cboy]

Sad news indeed. in all my dealings with her, she was invariably charming and helpful to a fault, my sympathy to her family.

 

[Poignard]

As 7Cboy says, Jane Pelling was charming and helpful.
I never met her in person but telephone conversations with her were always a pleasure.

 

[Kukri]

I know her husband well but I only met Jane once, at the RHYC on the 30th June 2016. Many very pleasant chats over the years.

 

[Poignard]

Does anyone know roughly how many members the ECMYIA had when it ceased operating?

 

[Kukri]

The Association was limited to 500 members, but there were some vacancies I think. As you will appreciate I don’t want to ask Paul.