3 charter yachts being auctioned at Largs

[Hunterlees]

In case anyone is interested, there are 3 ex charter yachts being auctioned at Largs by Sweeney Kincaid Auctioneers….

Sweeney Kincaid

Note that sale terms include 10% premium, plus VAT on the sale price.

 

[Sadler25Owner]

I’m not sure how insolvency works with marine mortgages and (presumably) Part 1 registration etc, but it’s worth noting that at least a couple of the boats have charges registered against them on the Flamingo Yacht Charters listing at Companies House. Best to make sure that the boats are being sold free of all encumbrances and liens before you buy imo.

 

[dunedin]

In case anyone is interested, there are 3 ex charter yachts being auctioned at Largs by Sweeney Kincaid Auctioneers….

Sweeney Kincaid

Note that sale terms include 10% premium, plus VAT on the sale price.

Very sad. Saw the boats out with people enjoying their holidays just a few weeks back (Phoenix did Largs to Iona and back recently).
Nice boats for somebody. But surely they would get much more for them if sold through somebody like Euroyachts of Largs, who is the dealer for that marque and presumably supplied them in the first place. A generic auction house will realise much less value.

 

[KevinV]

A generic auction house will realise much less value.

Yes, but they will realise the day value, quickly.

 

[Fr J Hackett]

Very sad. Saw the boats out with people enjoying their holidays just a few weeks back (Phoenix did Largs to Iona and back recently).
Nice boats for somebody. But surely they would get much more for them if sold through somebody like Euroyachts of Largs, who is the dealer for that marque and presumably supplied them in the first place. A generic auction house will realise much less value.

Down to the administrator that probably knows bugger all about yachts and just wants to dispose of any assets that can be liquidated and bring in some cash to pay his fees. He will use what he always has an auction house, can't wait for a normal sale.

 

[ylop]

I’m not sure how insolvency works with marine mortgages and (presumably) Part 1 registration etc, but it’s worth noting that at least a couple of the boats have charges registered against them on the Flamingo Yacht Charters listing at Companies House. Best to make sure that the boats are being sold free of all encumbrances and liens before you buy imo.

That does seem strange. Seems unlikely that the liquidator would be unaware, but you’d certainly want an explanation.

Down to the administrator that probably knows bugger all about yachts and just wants to dispose of any assets that can be liquidated and bring in some cash to pay his fees. He will use what he always has an auction house, can't wait for a normal sale.

correct - I’ve dealt with a few liquidators/administrators and none made me really believe they were trying to maximise the recovery for the creditors, but they were all following a well trodden path that gave them plausible deniability!

 

[ylop]

Very sad. Saw the boats out with people enjoying their holidays just a few weeks back (Phoenix did Largs to Iona and back recently).
Nice boats for somebody. But surely they would get much more for them if sold through somebody like Euroyachts of Largs, who is the dealer for that marque and presumably supplied them in the first place. A generic auction house will realise much less value.

I did wonder whether they were trying to help an existing shareholder / director show that the value they are willing to pay is “fair market value”. If he sells cheap and fast to them it will be a claimed stitch up but if he offers on the open market and that’s the best price we got then it’s different! They’ll have a far truer understanding of the condition/value/defects/charges etc than a general customer.

However they are “jointly listed” by Euroyachts too - with absolutely no useful detail and saying will be sold by auction. Again that might be plausible deniability - well we asked the local broker to advertise it too!

 

[Hoist]

Never been impressed with Sweeney Kincaid.... Had some dealings, not a straight forward operation if they decide the price isn't right

 

[dunedin]

Down to the administrator that probably knows bugger all about yachts and just wants to dispose of any assets that can be liquidated and bring in some cash to pay his fees. He will use what he always has an auction house, can't wait for a normal sale.

…… hence getting much less cash for the poor unsecured creditors

 

[Skylark]

Very sad, indeed. Fine looking vessels usually berthed on D pontoon, by the ramp entrance/exit to the marina. Whenever I see them, I always smile as one has the same name as my boat and is its 45 ft big brother.

One of them followed me into Largs a couple of weeks ago. They are pretty big boats for an average, saily mcsailface, charter skipper.

I chartered with Muir of Flamingo many years ago. A great loss to The Clyde.

 

[jbweston]

Administrators know that their creditors don't want 'We hope for more money when these assets finally sell, but we don't know how much and when' but rather prefer 'Get us as much of what we're owed as soon as possible. We've been waiting long enough to get paid and we know we might get only a fraction of what we're owed anyway'.

That's particularly so when the assets will cost money to store (as boats in a marina do in spades) and will deteriorate unless money is spent on maintenance.

 

[38mess]

Very sad. Saw the boats out with people enjoying their holidays just a few weeks back (Phoenix did Largs to Iona and back recently).
Nice boats for somebody. But surely they would get much more for them if sold through somebody like Euroyachts of Largs, who is the dealer for that marque and presumably supplied them in the first place. A generic auction house will realise much less value.

Would these guys bid for these boats and if successful sell them for a profit?

 

[Mark-1]

I chartered with Muir of Flamingo many years ago. A great loss to The Clyde.

I chartered with Muir twice. Totally positive experience.

I thought he retired a few years back, in which case I guess Flamingo is no longer run by him.

 

[Ian_Edwards]

There seems to be a charge against some of these boats. Presumably they are held as collateral against a loan.
Who's responsibility is it to discharge the charge? ie pay back the outstanding loan?
Would the administrator do this, or would it fall to the new owner?

 

[Fr J Hackett]

Most likely charge will be the marina in which they are berthed and any loans which were taken out for purchase. I think but there are better more qualified people to comment that the boats will be in the company name and those with a charge against the boats simply become creditors. Perhaps analogous to when a builder goes bump and half finished boats and deposits are thrown into the mix.

 

[westernman]

In France when a bank repossesses a property because the mortgage was not paid, it is always auctioned.
This supposedly always quickly realizes the "real market value".
The debtor receives the balance after the bank has recovered all its debt, outstanding interest and charges, and the auctioneers (generous) fees have been paid.
Registration fees will be paid by the new owner.

Any other method would be open to a legal challenge that the full market value was not achieved.

 

[Tranona]

There seems to be a charge against some of these boats. Presumably they are held as collateral against a loan.
Who's responsibility is it to discharge the charge? ie pay back the outstanding loan?
Would the administrator do this, or would it fall to the new owner?

The administrator. The boats will be sold free of any charges - otherwise who would buy them? The bank for example would not release the boat's papers until the loan is repaid so the administrator takes take enough out of the proceeds to pay the bank and any other charges such as storage fees.

 

[mil1194]

And somehow 3 becomes 2…..

 

[Hoist]

Absolute usual for Sweeney Kincaid…

 

[Hunterlees]

Presumably someone made an offer they couldnt refuse.