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Sensation Yachts has also had to battle liquidation proceedings this year although these have since been withdrawn.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
- New lawyers not doing 'much better' than job at McDonald's – report surprises
- MARKET CLOSE: NZ shares gain as market bounce continues; Kathmandu, Fletcher rise
- Auditors warn of Seadragon's going concern ability as firm breaches covenant
- New hotel to go ahead in Auckland as govt looks to boost tourism investment
- Marlborough-based wine company lists on the NXT despite OIO hiccup
Most listened to
- Marlborough Wine Estates CEO Catherine Ma explains why the Chinese-owned company listed on the NXT
- National list MP Chris Bishop says Phil Twyford's accusation the government has made housing a 'race issue' is hypocritical
- Bond prices have fallen while oil prices have risen - Jason Walls explains why on Walls' Street
- NBR technology editor Chris Keall on hitting 4000 member subscribers
- In his Editor's Insight Nevil Gibson on the future of health information technology and medical devices industry