Northshore Development

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flawed_logic

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NORTHSHORE: The Northshore Yachts story, broken by BB on Wednesday 17 April, has moved on with the announcement that a creditors’ meeting will be held on 2 May.
Following the change of company name, the formal meeting of the creditors is for NSY (Southern) Limited (formerly North Shore Yachts Ltd).
The meeting is to be held on 2 May at 10.30am at the Hilton, London Gatwick Airport, South Terminal, Gatwick Airport, Gatwick RH6 0LL.
The creditors will be given the opportunity to question and seek clarification on any matters from the company’s directors. BB wonders if anyone will turn up and ask questions. If they do, we’d love to hear what the directors had to say...
The meeting will also approve the appointment of the liquidators appointed by the shareholders. The proposed liquidators are Christopher David Stevens and Colin Ian Vickers of FRP Advisory LLP.
We await further developments...
 
Note "liquidators appointed by the shareholders" and not the banks or creditors. So its the owners of northshore that have decided to wind the company up, which makes it all the more likely that the boatbuilding business re-appears in some other form or maybe a housing development.
 
Bosun Higgs said:
Note "liquidators appointed by the shareholders" and not the banks or creditors. So its the owners of northshore that have decided to wind the company up, which makes it all the more likely that the boatbuilding business re-appears in some other form or maybe a housing development.
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They may simply be jumping before they were pushed by the creditors.
 
It would be a tragedy if Northshores' yard was replaced with a housing development, we've already lost the historic Combes Yard thanks to incoming nimbys.

If planning could be arranged it must be a temptation for a short term payout though, hard to think of a more prime spot - and very rough on the workforce.

Let's hope Northshore reappear in some guise shortly.
 
Seajet said:
It would be a tragedy if Northshores' yard was replaced with a housing development, we've already lost the historic Combes Yard thanks to incoming nimbys.

If planning could be arranged it must be a temptation for a short term payout though, hard to think of a more prime spot - and very rough on the workforce.

Let's hope Northshore reappear in some guise shortly.
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BUT do NS actually own the site, it could well be a parent holding co
 
flawed_logic said:
NORTHSHORE: The Northshore Yachts story, broken by BB on Wednesday 17 April, has moved on with the announcement that a creditors’ meeting will be held on 2 May.
Following the change of company name, the formal meeting of the creditors is for NSY (Southern) Limited (formerly North Shore Yachts Ltd).
The meeting is to be held on 2 May at 10.30am at the Hilton, London Gatwick Airport, South Terminal, Gatwick Airport, Gatwick RH6 0LL.
The creditors will be given the opportunity to question and seek clarification on any matters from the company’s directors. BB wonders if anyone will turn up and ask questions. If they do, we’d love to hear what the directors had to say...
The meeting will also approve the appointment of the liquidators appointed by the shareholders. The proposed liquidators are Christopher David Stevens and Colin Ian Vickers of FRP Advisory LLP.
We await further developments...
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The statement should/could be more honestly put as "The IP are holding a meeting to seek approval for them to sell whatever assets they can get their hands on and consequently charge fees against until they have sucked out any available money for their own benefit".
 
galadriel said:
The statement should/could be more honestly put as "The IP are holding a meeting to seek approval for them to sell whatever assets they can get their hands on and consequently charge fees against until they have sucked out any available money for their own benefit".
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That sounds highly probable. There's a reason everyone (from either side) that I know who has been involved with insolvency practitioners holds them in very low esteem.
 
Twister_Ken said:
That sounds highly probable. There's a reason everyone (from either side) that I know who has been involved with insolvency practitioners holds them in very low esteem.
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+1

I bought the assets of a business in administration some years ago. Guess who got the biggest payout from our purchase money - not the creditors or shareholders.
 
I put insolvency practitioners at the very bottom of the social chain, below petty thieves, kids who steel cars and benefit fraudsters.
 
galadriel said:
I put insolvency practitioners at the very bottom of the social chain, below petty thieves, kids who steal cars and benefit fraudsters.
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There's something particularly nasty about benefitting from other peoples' misfortune, isn't there ?

If I was offered a great house cheap I don't think I could look at it if it had been reposessed and people chucked out.
 
Seajet said:
There's something particularly nasty about benefitting from other peoples' misfortune, isn't there ?

If I was offered a great house cheap I don't think I could look at it if it had been reposessed and people chucked out.
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Agree with the sentiments about insolvency practicioners but the sale of repossessed property works differently. Firstly the bank must accept your offer via their sales agent and if the do the offer must go public via the newspaper and web details therefore potentially inviting a higher bid. There is a set procedure to go through in these instances and none are offered 'under the table' . The previous incumbants have already gone together with their furniture etc
 
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So the management, who traded on creditors cash, should be pitied? Why did suppliers' credit controllers and managers/directors not pick up the "signs" and why did they not have insurance against their debt book?

No one comes out of these situations smelling of roses.
 
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sailorman said:
BUT do NS actually own the site, it could well be a parent holding co
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When I was buying, the boatbuilding was done by one company and the land and buildings were ownerd by another with both companies being owned sperately by nthe same people. If this still is the case then the liquidation does not include the property, just the boat building enterprise.

galadriel said:
I put insolvency practitioners at the very bottom of the social chain, below petty thieves, kids who steel cars and benefit fraudsters.
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So what do you feel about undertakers who after all do the same job for bodies that insolvency guys do for business.
 
tokoloshe said:
So the management, who traded on creditors cash, should be pitied? Why did suppliers' credit controllers and managers/directors not pick up the "signs" and why did they not have insurance against their debt book?

No one comes out of these situations smelling of roses.
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The creditors are in a very difficult situation, its not easy to turn away from business, sometimes you supply a large order just after being paid, perhaps on time. creditors dont have crystal balls, and no creditor is going to say, "actually we are really in the poo and are unlikely to be able to pay, but please supply the order".

(I guess) there will almost certainly be enough in the way of capital assets available, once realised, to pay the creditors if not all, a large % of their debt. That is until the suits take out £500 an our sifting through the books, only stopping their 'work' once they see no more income likely.

If I remember correctly, when BA Peters Opal went pop a few years ago, the amount which was paid to the IP was about equal to the value of unsecured creditors, including poor souls who had paid 90% of their new boat, which they then did not have delivered.
 
Don't forget the folk who have boats in build, I looked at 32 recently and Southerly required stage payments, ok you own the boat at whatever stage its reached but owner will have to remove it and arrange for it to be finished.

Real nightmare I hope Southerly can be restructured and the creditors get their money.
 
davidwf said:
Don't forget the folk who have boats in build, I looked at 32 recently and Southerly required stage payments, ok you own the boat at whatever stage its reached but owner will have to remove it and arrange for it to be finished.

Real nightmare I hope Southerly can be restructured and the creditors get their money.
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check-out the Rampart debacle & forumites who lost very large sums of money, one forumite cut his boat up & took it to the tip
 
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