Tranona
Well-Known Member
Yes, but many people want a boat built just for them. For some it is a culmination of a lifetime's ambition which makes it even harder when it goes wrong.
Peters Opal. Appeal Court ruling
- Thread starter Alfie168
- Start date
maxi77
Well-Known Member
nice in theory, but the devil is in the reality that there is always going to be a period of time between the cash leaving your control and title actually rsiding with the new owner. If one adds to that the reality that the reciever has a period of time before his interest has to be declared which means you can pay your money and title still not be transferred. At the end of the day there will always be a need for at least ring fenced client accounts or ecrow accounts, backed up by real criminal penalties which are enforced for those who play fast and lose with these systems.
Whilst nothing can replace lost dreams, at least knowing the directors who misappropriated your cash are ding a spell of mail bag therapy will make you feel better and perhaps act as some deterent.
Without real and enforced sanctions the temptation to missappropriate client funds will be too great.
Whilst nothing can replace lost dreams, at least knowing the directors who misappropriated your cash are ding a spell of mail bag therapy will make you feel better and perhaps act as some deterent.
Without real and enforced sanctions the temptation to missappropriate client funds will be too great.
gerry99
Well-Known Member
Re: Peters Opal. Appeal Court ruling - client accounts
Is there anything stopping a propsective buyer from putting the money into a solcitor's client account and then having the solicitor release the money as appropriate?
Is there anything stopping a propsective buyer from putting the money into a solcitor's client account and then having the solicitor release the money as appropriate?
Thistle
Well-Known Member
Re: Peters Opal. Appeal Court ruling - client accounts
[ QUOTE ]
Is there anything stopping a propsective buyer from putting the money into a solcitor's client account and then having the solicitor release the money as appropriate?
[/ QUOTE ]
ie the well recognised principle of escrow.
[ QUOTE ]
Is there anything stopping a propsective buyer from putting the money into a solcitor's client account and then having the solicitor release the money as appropriate?
[/ QUOTE ]
ie the well recognised principle of escrow.
maxi77
Well-Known Member
Re: Peters Opal. Appeal Court ruling - client accounts
I suspect not, though it does not cover the concept of stage payments on new boats. I do though suspect that companies who have traditionally depended on customer deposits as part of their financial equation would not be happy with this idea
I suspect not, though it does not cover the concept of stage payments on new boats. I do though suspect that companies who have traditionally depended on customer deposits as part of their financial equation would not be happy with this idea
Tranona
Well-Known Member
Re: Peters Opal. Appeal Court ruling - client accounts
Nothing at all except that both parties have to agree on the conditions that trigger a transfer. However, a seller is unlikely to agree when he is holding a deposit to support his commitment to buy the boat off the manufacturer and then wants to use the cash to finance his ongoing business. A properly operated ring fenced client account provides similar security at lower cost than using a solicitors client account.
As has been noted several times, buying through a dealer is very different from buying direct from a builder with a specific contract individual to the transaction.
Nothing at all except that both parties have to agree on the conditions that trigger a transfer. However, a seller is unlikely to agree when he is holding a deposit to support his commitment to buy the boat off the manufacturer and then wants to use the cash to finance his ongoing business. A properly operated ring fenced client account provides similar security at lower cost than using a solicitors client account.
As has been noted several times, buying through a dealer is very different from buying direct from a builder with a specific contract individual to the transaction.