Sensation Yachts forced into liquidation
Date: 07-Aug-2009 by: Web Master
By IBI Magazine New Zealand yacht-builder Sensation Yachts has been forced into liquidation, according to the National Business Review (NBR). The paper reported that Creditor Public Trust filed an application to liquidate the company on Friday, and that was approved at the High Court in Auckland. Owner Ivan Erceg is most likely in the south of France, according to NBR, where he is trying to sell his yacht and a mansion in Marseille. Peri Finnigan, appointed as the liquidator, said Erceg plans to appoint a receiver as soon as possible to protect the security holder of Sensation Yachts' assets. "We are to receive the records of the company from his accountant. But it is very difficult when the director is not very co-operative," she told the paper. The paper said that creditors could be owed millions. Over the last six months, a succession of creditors have attempted to force the company into liquidation, but their bills were paid at the last minute. Erceg was also ordered by the Court of Appeal in March to pay Balenia $US21m ($NZ31m) for three yachts that Sensation had been contracted to build, but never finished. In June, the paper reported Erceg owed Det Norske Veritas PTE NZ$360,000. The standards organisation had conducted a risk assessment for Sensation Yachts. |
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