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Sensation Yachts has also had to battle liquidation proceedings this year although these have since been withdrawn.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.