Seawind Catamarans going into voluntary administration

Noticed this article on Seawind over at Sail-world. Looks like the Australian arm of the company is going into administration but business as usual for the Corsair operation in Vietnam which builds the Corsair trimarans and the Seawind 1000xl and 1160 cruising catamarans.

http://www.sail-world.com/Australia/Australias-Seawind-Catamarans-in-voluntary-administration/101190

 

What does the Australian arm mean, you mean the main factory at Belambi south of Sydney.

And what does 'voluntary administration' mean,--bankurpt?

It says Seawind has been taken over by a firm of accountants. The Director is an accountant.

 

What is a voluntary administration?

Voluntary administration is an insolvency procedure where the directors of a financially troubled company or a secured creditor with a charge over most of the company’s assets appoint an external administrator called a ‘voluntary administrator’.

The role of the voluntary administrator is to investigate the company’s affairs, to report to creditors and to recommend to creditors whether the company should enter into a deed of company arrangement, go into liquidation or be returned to the directors.

A voluntary administrator is usually appointed by a company’s directors, after they decide that the company is insolvent or likely to become insolvent. Less commonly, a voluntary administrator may be appointed by a liquidator, provisional liquidator, or a secured creditor.

 

Still sad because a lot of people will be looking for jobs soon.
In my 35 years of business I have never seen one come right.
Usually by the time the Directors pull this move they have lined their pockets and covered their tracks.
It is always the staff and the creditors that pull the short stick.

Anyway still sad to see another boat yard go down.

 

The workers of Seawind will be delighted. I was there at the factory 3 months fitting engines to my boat before launch. They mostly had Fridays off to go surfing. Many days I could not get help as they did not have anyone working. Mondays were similar.

It was an ongoing difficulty.

Its an Australian thing. W_O_R_K a four letter word.

 

what does it say for the future of corsair marine in the long term to be sold off to some one else again.

 

There is something about that in the original poster link.

 

3 months frosty, you should have done it in 6 weeks without help. i suppose you lost a month by the time you stopped complaining about the weather, the food, the people, the tools, the workshop, the cold beer, the traffic and the flight out here. poms don't work here either, they all union leaders.

 

I know where Im moving! Fridays off to surf????? man, the whole world could get on that routine! My wooden board is almost finished

sad to see another building/boatyard going by the wayside. i always liked the seawinds

 

That press release is one of the most slippery I've seen. Doubt it will be long before they go into liquidation.

 

Sat afternoon down town Woolongong 3.55 pm. Muffled announcement in the supermarket, shutters coming down food being whisped from display. I got a little concerned as to what was going on. I leaned over and asked a butcher frantically clearing his wares. He said " we shut at 4 pm --all of us do"

4.05 down town Woolongong far suberbs of Sydney on a Saturday afternoon and tumble weed blew through the town . Not one shop stayed open. I tell a lie Woolworths did.

It was then that it all came clear and that I would not be applying for a residents Visa.

 

GOOD !

 

Those Aussie's really know their trade if they can work 4 days a week and still maintain a competitive position in the market.
Although I’m curious to know if they even know what a monohull is, cause all Australian ships seem to be mulithull

 

Its changed now and they open to 4.30. Application in the post. Easy being pom and I get free health care too. I even get moving allowance but im going to fiddle that a bit.

 

DAMN !