UPDATED 2.15PM: A High Court judge has cleared the way for HSBC to finally sell a property formerly owned by bankrupt superyacht builder Ivan Erceg, one year after the bank took over. 

Justice Raynor Asher has made orders in the High Court allowing HSBC to remove from the former Sensation Yachts West Auckland site all chattels not belonging to Russian-owned company Balenia.

He noted HSBC had been given mortgagee possession of the site in October last year and neither Mr Erceg nor any interests associated with him had taken any steps to remove the chattels from the site.

Boat builders bounce back

Despite the failures of a number of high profile companies, New Zealand’s superyacht industry is in good health and recovering strongly from the financial crisis.

As reported in today’s National Business Review print edition, orders have been made for 10 $20-60 million boats in the past 10 months.