The UK boatbuilder of Southerly sailing yachts, which went into voluntary liquidation in April after what it described as a “dramatic decline in orders for delivery in 2013 and early 2014”, has re-emerged under a different corporate structure, with two out of the three same directors in charge.
The move, according to a report in The London Times on Saturday, has sparked controversy after the boatbuilder, which traded as Northshore Yachts, entered liquidation owing suppliers close to £1m, says The Times, as well as £550,000 in redundancy payments. Various creditors have questioned the business ethics behind the new venture. Read on.
July 8th, 2013