Trusty Motor Boats

Feel sorry for the suppliers, but there are customers with 2 partial builds and deposits taken and one customer with a 80% complete boat who paid full price - the last built at Kidderminster. Think how they must feel. Re Mr Harris Hoods, he must have known that something was going on, just look at his You Tube video for the T23 hood install - spot the employees working around build No.40, there are none!
 
I feel sorry for the suppliers, but you must not forget about the customers, all will have paid deposits... two for partial builds, and one for a 75% complete boat, and that customer had been asked to pay the full price for last one built at the Kidderminster factory! How bad is that?
 
We have today received formal notification that Trusty are going into voluntary liquidation. We have a significant investment in a boat that was in build and have been invited to the creditors meeting which is normal procedure. To stop ill informed speculation, our contract was with Trusty and this this would be the same for the other unfortunates who find them selves in the same situation as us. Windboats have nothing to do with the current situation and should not be associated in any way with the collapse of Trusty, other than being creditors of a company that is about to be liquidated.
 
MOB said:
Feel sorry for the suppliers, but there are customers with 2 partial builds and deposits taken and one customer with a 80% complete boat who paid full price - the last built at Kidderminster. Think how they must feel. Re Mr Harris Hoods, he must have known that something was going on, just look at his You Tube video for the T23 hood install - spot the employees working around build No.40, there are none!
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Chris used to base himself at the Trusty factory, but moved out as his business outgrew the facility, so was less aware of the business deterioration this year. A video does not show the true story, as it is difficult to know what was going on at the time.
 
Crielim said:
We 'have' a half finished Trusty. Feeling pretty sick!
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I feel for you - Ordered a T23 in around 2008 when they were Blue C Marine - they went bust and lost my deposit - hopefully you can take your boat and get it finished elsewhere.

They are superbly finished little boats and it's such a shame. Going bust once might be considered to be unfortunate.. twice is careless.
 
Crielim said:
We 'have' a half finished Trusty. Feeling pretty sick!
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I bet you are and very sorry to hear about your predicament. Is your boat one of the boats that was subcontracted to Wind Boats? If I so, I guess they might be very interested to talk to you directly about doing a deal on finishing it because they won't want to be left holding half finished Trustys.
 
longjohnsilver said:
Presumably you've paid a deposit, and possibly stage payments?

Do you have any security or is all lost? Horrible position to be in.
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I'm no legal expert but I thought a typical new build contract transferred title to the buyer for the proportion of the boat equivalent to the stage payments paid? If so, then in theory, the buyer can take possession of the part built boat and have it finished elsewhere but I guess the problem with Trusty is that they seemed to be subcontracting the build to other companies and therefore I guess the buyer has no right to repossess the part built boat from that subcontractor? Any legal types out there willing to comment on this situation?
 
Deleted User said:
I'm no legal expert but I thought a typical new build contract transferred title to the buyer for the proportion of the boat equivalent to the stage payments paid? If so, then in theory, the buyer can take possession of the part built boat and have it finished elsewhere but I guess the problem with Trusty is that they seemed to be subcontracting the build to other companies and therefore I guess the buyer has no right to repossess the part built boat from that subcontractor? Any legal types out there willing to comment on this situation?
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Buying a new boat just doesn't seem to get any easier! I'm already wary having had a dealer go bust on me on a new boat build, but with things like sub-contracting going on, I have no idea how I would reassure myself enough to buy new again.

Amazing that post recession, this industry hasn't made it any easier for new boat buyers to enter the market again.
 
We had a boat in build with Trusty and it's construction was transferred to Windboats. We have received official notification that Trusty are going into voluntary liquidation and that the creditors meeting will be the first week in September, so not much time to do anything. We are devastated as we thought we took "due diligence" before we placed the order and potentially will lose a very large amount of money. As far as the contract is concerned it is with (or was with) Trusty not with Windboats. Like the rest of us Windboats will be creditors of the company and in no better position than any one else.
 
Lewis 53 said:
We had a boat in build with Trusty and it's construction was transferred to Windboats. We have received official notification that Trusty are going into voluntary liquidation and that the creditors meeting will be the first week in September, so not much time to do anything. We are devastated as we thought we took "due diligence" before we placed the order and potentially will lose a very large amount of money. As far as the contract is concerned it is with (or was with) Trusty not with Windboats. Like the rest of us Windboats will be creditors of the company and in no better position than any one else.
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Lewis53, again very sorry to hear that but surely your best option is to talk to Windboats about the possibility of paying them to finish the boat? Obviously I don't know the terms of their contract with Trusty but I presume that they will retain title to the boat until they have been paid in full by Trusty which of course I guess they haven't been. But if this is the case, then I guess they have the right to sell the boat to you. Either way, I think you ought to talk to a firm of marine lawyors like http://www.ward-mckenzie.co.uk
 
I remember when Moonraker boats went bankrupt. (Colin Chapman of Lotus was involved I believe) anyway I read that someone who had paid for a virtually finished boat rang the liquidator and was told that the boat belonged to the liquidator as a company asset and he would have to join the list of creditors. The article said that the owner went along at night with a truck, cut the lock off the door and took the boat away. Hopefully since then things have improved where people have paid deposits.

I did consider a Trusty 23 but ended up with a 23ft Colvic Watson, Very similar, but with a mast and a 50hp diesel. Loads about from £10k - £20K You can always take the mast off.
 
We are grateful for all sympathetic comments. We hope that our contract can be transferred to Windboats but whether we can afford to complete the build will depend on the financial shortfall.
 
Very best wishes for this. A horrible situation to be in, and I hope you acheive a good and sensible outcome. For info, there are 1 or 2 on here who are really good with legal advice, and can point you in the right direction.
 
I believe the Creditors meeting for Trusty Motor Boats was held on Tuesday.

Was there any positive news for those people with boats in build? I am sure we all hope so.

Were there any lessons to be learned for people ordering boats in the future from any other boat builder?
 
Firstly - I am so sorry to hear about this, and feel for anyone who may lose a lot of money over this.

I do feel that enough is enough however and the British Marine Federation now HAVE to step up and help the people who've lost their money.

Following all the issues with Trader, Trusty, Sealine, and so on, I would NEVER now (whether I had the money or not) buy a new boat that is to be built. A stock boat yes perhaps, but new? No.

No matter how rich you are, no-one wants to lose 150-200k just because a company you placed your business with goes bust.

The Directors should, if they had a decent bone in their body, have called all purchasers and told them that the company was going to fold, and to come and get what was built and paid for - but they didn't and now good people have lost a lot of money - ruinous for some I am sure.

Unless the Marine industry bring in some sort of industry wide insurance against this, to protect purchasers, then the only way this will ever be sorted out will be if buyers simply stop buying new-build boats.

I am sure many will come on and say there is nothing wrong with the current system and there is no need for regulation - but this is clearly not the case!
 
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