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OwnerShips Saga Continues?


Mac of Cygnet
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We sold our OwnerShips boat share to our neighbours about a year before the whole thing blew up (How's that for timing?). I thought the whole thing was sorted out, with ownership of the boats in the hands of the sharers, but today my neighbour informs us that the Receiver for OwnerShips is claiming all the boats as assets of the company! Has anyone else heard anything about this?

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We sold our OwnerShips boat share to our neighbours about a year before the whole thing blew up (How's that for timing?). I thought the whole thing was sorted out, with ownership of the boats in the hands of the sharers, but today my neighbour informs us that the Receiver for OwnerShips is claiming all the boats as assets of the company! Has anyone else heard anything about this?

 

Not true. The receiver is claiming a number of shares (42?) as assets.

 

It is all rather messy.

 

**** Edited to add - It would seem that at the moment the receiver is attempting to sell one of these disputed shares,in nb Sovereign, to it's syndicate which, if successful, might create some sort of precedent.

Edited by Allan(nb Albert)
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Not true. The receiver is claiming a number of shares (42?) as assets.

 

It is all rather messy.

 

That certainly makes more sense. These would be the shares that the company owned in various boats under their 'buy back' scheme, and I know the boat in question had one of these.

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That certainly makes more sense. These would be the shares that the company owned in various boats under their 'buy back' scheme, and I know the boat in question had one of these.

 

The issue revolves around OwnerShips buy-back scheme. Under that scheme, Ownerships would buy a share back from a part owner and then sell it on. However, the scheme was financed by owners with some believing that those who contributed to the financing of the scheme actually own the shares in proportion to contribution.

 

The main problem is do the shares belong to the receiver or those that financed the scheme?

 

An additional confusion is that some of those shares have already been claimed back by shared ownership company BCBM on behalf of syndicates because debts incurred against them (shareholders have to contribute to the running of the boat!) have risen to more than the value of the share.

 

Also, before it went into receivership, Ownerships returned some shares (which they might or might not have owned!) to syndicates to mitigate liabilities.

 

It's a real mess.

Edited by Allan(nb Albert)
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We sold our OwnerShips boat share to our neighbours about a year before the whole thing blew up (How's that for timing?). I thought the whole thing was sorted out, with ownership of the boats in the hands of the sharers, but today my neighbour informs us that the Receiver for OwnerShips is claiming all the boats as assets of the company! Has anyone else heard anything about this?

We had the same thing when the company that ran our share boat went into liquidation. They seam to think the boats are timeshare and not shared ownership.

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  • 1 year later...

Hopefully we're near the end of this.

 

I have now received a copy of the draft final report and notice of creditors' meeting on 5th July. I'm a member of the liquidation committee and should have received it from them. They say they sent it to me, but it didn't get to me until another creditor kindly forwarded it.

There are some serious inconsistencies, errors and omissions in the report. Unfortunately, I'm not allowed to tell you what they are because of the confidentiality statement at the beginning. Why this should be confidential, goodness alone knows.

I have emailed Jamie Taylor, the liquidator, pointing these out. I have also said that I could not vote in favour of either motion at the meeting - final liquidation and discharging the liquidators - unless the issues I have raised are resolved satisfactorily. These issues involve inconsistency in wording that gives potential for misunderstanding and also the omission of important figures about receipts and disbursements.

I shall be attending the meeting on 5th July. If anyone would like me to act as their proxy, there is a form here.

If you are a creditor of Ownerships Ltd. in compulsory liquidation and you want me to be your proxy, please print off and complete the form - without specifying whether you want me to vote for or against the motions as that decision needs to be made when the issues have been addressed. Then please send it to Jamie Taylor, Begbies-Traynor (Central) LLP, The Old Exchange, 234 Southchurch Road, Southend on Sea SS1 2EG.

 

PS

In relation to points earlier in this thread, the liquidators did threaten to seize boats to secure payment for their potential claim. In the end, although a few syndicates did pay up, the liquidators failed to validate their potential claim and issued a disclaimer. In fact the shares were 'bought back' using owners' contributions paid into a client account and there was no evidence that any company money had been used for the purpose. There was evidence that the company 'dipped into' this fund to the extent that there was nothing left when the company ceased trading.

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