cliff
Well-Known Member
Oooops
Northshore creditors meeting
- Thread starter Ex-SolentBoy
- Start date
Richard Shead
Slipped Anchor
That as the "old" one not this one....
KellysEye
Well-Known Member
>Trading while insolvent? An offence if so.
Directors are personally liable for Ltd company debts if they trade knowingly insolvent, the critical word is knowingly and a Ltd company is set up to limit debts if going insolvent.
Directors are personally liable for Ltd company debts if they trade knowingly insolvent, the critical word is knowingly and a Ltd company is set up to limit debts if going insolvent.
Daydream believer
Well-Known Member
Unless by continuing to trade they can demonstrate that the result will bring financial stability
If you take the definition of insolvency as "being unable to pay ones debts as. & when they fall due ". Then a lot of companies - in theory- should close immediately but clearly do not as continuing to trade means that they will be able to settle their creditors--- eventually
Last edited:
northwind
Well-Known Member
JumbleDuck
Well-Known Member
Here we go again:
The land and buildings at Itchenor are owned by Sunchalk Ltd and the mouldings, intellectual property rights to the Southerly, Fisher and Vancouver yacht brands together with equipment and machinery, all remain outside the grasp of the receiver. ...
Even before the creditors meeting, the Itchenor facility had re-opened for business under the name of Northshore Shipyard Ltd. A new sign on the gate proclaimed ‘repairs, storage, moorings and all types of work carried out - at competitive rates.'
Even before the creditors meeting, the Itchenor facility had re-opened for business under the name of Northshore Shipyard Ltd. A new sign on the gate proclaimed ‘repairs, storage, moorings and all types of work carried out - at competitive rates.'
Tranona
Well-Known Member
Nothing new. Sunchalk owned moulds, rights etc before the current (now failed) boat building business started. The Northshore Shipyards business has always been separate from the boat building business. Makes sense to structure it in that way as the shipyard is a completely different business even if it is on the same site and shares the same owners.
Rivers & creeks
Well-Known Member
Even though they went bust last year they've still been busy building boats and have at least four now awaiting completion. Sad that there's such clear demand for these high quality yachts but no ability to run a successful company building them.
JumbleDuck
Well-Known Member
Hence "Here we go again".
Seajet
...
I can't help but think the Northshore location must be worth an absolute mint to a property developer, and I doubt this has failed to occur to the Northshore directors.
As usual, rough on the loyal, skilled workforce - even if with their reputation Northshore still manage to sell the odd boat !
As usual, rough on the loyal, skilled workforce - even if with their reputation Northshore still manage to sell the odd boat !
Tranona
Well-Known Member
What exactly does that remark mean? Are you trying to make some obscure point?
JumbleDuck
Well-Known Member
Not really, no. I wrote "Here we go again", then you wrote "Nothing new" and I pointed out that I had written "Here we go again". In other words, I think we are in complete agreement.
Cardo
Well-Known Member
Ah, sad news. But does explain the email I received a few weeks back advertising the new storage and boat works services that they seem to be moving over to.
Jim@sea
Well-Known Member
Yes but in reality has a director ever been taken to court over this. I rented out a commercial property to a sole trader and after 2 years he was insolvent, found a bit of finance and became a Ltd Co. but the lease remained in his name. Another 2 years he called the Liquidators in and the Ltd Co went bankrupt and stock was taken to be sold at auction. He (still having the lease in his name) started again as a sole trader having found some more money, and went to the auction and bought back some of the stock for peanuts. In the 5 years that he was operating I cant believe that he never had a VAT inspection and was able to do as he wanted.
theprom
New Member
Can anyone give insight on Southerly and if the designs will be produced in future? The Southerly 36 looked like a perfect cruising boat for the east coast, possibly with one wheel and more cockpit space. Either way, it would be great to see it come to life.
Cardo
Well-Known Member
Just my opinion, but I wouldn't be surprised if they start building again when the economy picks up.
It looks like they're in a holding pattern at the moment with their boat yard and maintenance business.
Twister_Ken
Well-Known Member
Boatbuilders do have a track record of coming back from the dead. Unfortunately this has often been followed by a second (or third, etc) demise in relatively short order.
JumbleDuck
Well-Known Member
As Northshore have already demonstrated ...
Birdseye
Well-Known Member
In part its to do with the way we treat insolvencies here in the UK. When I was exporting british goods I often found that french or italian companies would go bust but the courts would protect the business in the interests of the national economy and the workforce. So the banks would get nothing, and the management to stay in place had to come up with a convincing plan for how they would make it work this time round or they were out too. I cant remember bthe precise details any longer ( it was 20 years ago min) but one of my customers went under 4 times and was still in business when I retired. We have tried to copy this system with the administration stage but its half hearted and doesnt really work.
In the UK the creditors ie the banks appoint a receiver and his only job apart from giving himself as much as he dare is to recover the banks money. All the rest can go hang because that receivers next contract comes from the bank.
olly_love
Well-Known Member
Thank you, as the former design Manager for Sotherly, I was really proud of the 36 we had just finished the design work and started production with 3 to be build straight away,
real shame not to see it built, as we (design team) added loads of clever bits to it.
oh well