On 9 Jan 2008, at 19:53, Brian from sunny Suffolk wrote:
> Coleman wrote :
>> I have in several places about the Challenger syndicate, if that is
>> the correct phrase, going into receivership. Could some of you more
>> knowledgeable types explain where that leaves the boat owners, again,
>> if that is a correct phrase, who owns what, etc? I have read many
>> articles on shared ownership, but I don't recall the exact legal
>> setup of things.
>
> You may glean something at
> http://challengershare.freeforums.org/index.php
>
>
It seems likely that where the syndicate owns all the shares of the
boat between them, they will simply have to make other arrangements for
the boat, but the situation is very murky as regards those boats where
the company had one or more shares still for sale.
The bank in question is HSBC, which has a tough rep, so I suspect there
will be very little left for the unsecured creditors.
It's not yet clear whether this is voluntary administration (like US
chapter 11 protection) or a compulsory winding up - it seems likely
that it's the former, in which case at least in theory the company
could survive after a rescheduling of its debts.
HTH
––
Bruce Napier
www.nbsanity.net
nbsanity.blogspot.com
07884 003581
Living In Sanity (it's a no-mad existence)
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