Buying a sunken boat..Thoughts?

[Murflynn]

1 hour ago, Canal321 said:

Makes zero difference.

I removed everything from inside. The interior, the plywood lining, wiring, insulation, floor, battens, ballast. Back to a steel shell. No different than what you would to a boat that had been on the bottom.

 

 

if you say so.    

[Bod]

When refitting anything, it's the old decision....

Brass taps....gold painted taps....gold plated.....solid....

 

 

Bod

[The Dreamer]

11 hours ago, Mike the Boilerman said:

 

So I wonder why the Companys House website says Collingwood changed their name to Collingwood from Liverpool Boats. 

 

All very curious to go into liquidation, then buy your own assets back and start up trading again.  How/why?

 

Just trying to understand.

 

 

 

 

Liverpool Boat Company Limited was dissolved in 2018

 

whereas...

 

Liverpool Boats Limited became Collingwood Boat Builders Limited in 2008

 

Two companies, similar names, same Director and Secretary.  I don’t know the details, and will not speculate, but it is not unusual, and often the customer is blind as to which company they are dealing with.  One person might walk out with an invoice from company “A”, and the next walks away with a bit of paper from company “A (2019)”.  Sign on the door just says “A Trading Co.”.  When times get tough the directors can chose to sacrifice one legal entity and continue with the other...

[Jess--]

not the case with liverpool boats / collingwood but a common trick with companies is to swap the name to a new ltd company and let the old one crash & burn

 

it was done to me and ended up losing around 30k as a result.

 

companyname ltd had been trading for around 10 years and I had been working with them for around 5, generally at any point I had between 20k and 40k worth of invoices owed by them (always paid within 28 days of completion of the work)

A couple of times invoices had been a few days late in being paid (put down to delays in their client paying them), not seriously late and only ever 1 or 2 invoices out of 20+

 

Then all invoices stopped being paid.

 

In the background the following happened

A new ltd company was created companyname services ltd with new directors

companyname services ltd purchased all of the assets of companyname ltd at a fair price but not sufficient to pay all of companyname ltd's debts

companyname ltd changed its name to othercompanyname ltd and went bust

companyname services ltd changed its name to companyname ltd

 

According to documents this whole process was carried out in under 10 minutes

 

anyone owed money by the original companyname ltd lost around 98% of what they were owed (we got back just under £600)

the directors of the new company were high level employees of the old company

the directors of the old company became high level employees of the new company

[David Mack]

And did you then work with the new vompany?

[streamline]

If you go for this boat, then I wish you luck with it. Not sure of the advice given, or at least some of it on here. But it is a big project, so good luck if you buy it.

[MtB]

2 hours ago, David Mack said:

And did you then work with the new vompany?

 

What's a vompany?

 

 

 

[Athy]

3 minutes ago, Mike the Boilerman said:

 

What's a vompany?

 

 

 

A firm which makes emetics, of course.

[Jess--]

21 hours ago, David Mack said:

And did you then work with the new vompany?

Hell No!

 

8 people got added to my list of people never to work with again.

 

I did however actively bid against them when contracts came up for renewal since I had been doing the work for several years. ended up taking around 40% of their customers between myself and a couple of their other former contractors.

They didn't allow for all the former contracts becoming void when they folded the company and switched to the new one.... especially the clauses preventing their former contractors from approaching or working with their clients directly.