NZ Superyacht builder in liquidation
by Media Services on 3 Jul 2009
Vaudrey Miller built Rascal, a 14.8m Roger Hill designed catamaran. MIAA
Another casualty of the economic slowdown is NZ's VaudreyMiller Yachts, as shareholders voted to put the company into liquidation following advice from their accountant that it was insolvent.
Reports reveal that VaudreyMiller Yachts owes shareholders $2.9million. Inland Revenue is the company’s biggest creditor – the department is owed $642,000. The liquidator John Buchanan estimates the company has around $200,000 in assets.
The announcement that VaudreyMiller Yachts has gone into liquidation comes just after superyacht producer Sovereign Yachts faced a similar fate. While boat builder Calibre Boats and Genesis Marine have also gone into liquidation.
Sensation Yachts has also had to battle liquidation proceedings this year although these have since been withdrawn.
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