sensation yachts goes down

Discussion in 'All Things Boats & Boating' started by Guest62110524, Mar 5, 2009.

  1. Guest62110524

    Guest62110524 Previous Member

    this is some older news, but in February they went into Liquidation in Auckland
    it is astonishing how they lasted as long as they did, given they were always in litigation with owners and with their staff
    Since this the Au arm was sold to Ian Murray

    It looks like New Zealand yacht company Sensation Yachts is in some serious financial trouble. TVNZ reports that the Auckland-based company has to pay Russian investors more than $32 million over a deal gone bad. A $90 million contract was signed three years ago with the promise of five boats. The Russian investors paid $25 million in deposits but no boats were completed.

    TVNZ goes on to reveal that Sensation's Australian boatyard in Newcastle is also floundering because they cannot afford to pay rent and keep workers. Both the Australian and New Zealand boatyards are facing increased pressure from creditors. Owner Ivan Erceg has been able to stave off creditors thus far paying just enough to keep the business afloat. Having to pay off the Russian contract could spell doom for this company which has produced some beautiful yachts including the 148-foot Maria Cha III shown above.
  2. Willallison
    Joined: Oct 2001
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    Willallison Senior Member

    Yes, todays IBI news reported that they've been ordered to pay the ruski's their $$.
    Just one more in a long list of boat builders that are going under worldwide sadly
  3. Guest62110524

    Guest62110524 Previous Member

    cant tell you what i know in here Will,
    but dont feel sorry for Erceg
    but lesson for all people who would have a yacht built, even if only a trailer boat!! do your homework, make sure the builder is solvent and not paying his debts with your deposit
    A good idea is INSTRUMENT BY WAY SECURITY over all the stuff you put in, in others words you own what you put in, that way when the builder goes under, your stuff, is not liquidated along with other assets
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