Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.Launch Radio player
Another superyacht company has gone into liquidation as slow conditions affect business.
The shareholders of VaudreyMiller Yachts voted to put the company into liquidation following advice from their accountant that it was insolvent.
The company’s first liquidation report indicates that VaudreyMiller Yachts owes shareholders $2.9million, while the liquidator John Buchanan estimates the company has around $200,000 in assets.
Inland Revenue is the company’s biggest creditor – the department is owed $642,000.
The company described itself on its website as “expert in constructing lightweight epoxy composite structures” and said it specialised in crafting superyachts to tender.
The announcement that VaudreyMiller Yachts has gone into liquidation comes just after superyacht producer Sovereign Yachts faced a similar fate. While boat builder Calibre Boats and Genesis Marine have also gone into liquidation.
Sensation Yachts has also had to battle liquidation proceedings this year although these have since been withdrawn.
But it is not all bad news for the industry – NBR reported in last week’s print edition that Waitakere City Council was just a month off launch sites at its Hobsonville development. The development is aimed at superyacht builders and is hoped will create at 2000 jobs plus those in related industries.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- Vista reassess whether to increase 2014 goodwill value
- OPINION: The first rule of SAS is: you do not talk about SAS
- Govt resisting pressure to inject more cash into Solid Energy
- 'We've never seen a competitor in any category behave in this manner' — MYOB on Xero man's outburst
- MasterCard, Visa pressure sees PayPal stop servicing payments for Mega