From the Sunday Star Times: It’s one of New Zealand’s most glamorous companies, building superyachts for the rich and famous, but Sensation Yachts hasn’t paid its coffee bill. A Sunday Star-Times’ investigation has found that the company has a reputation for delaying bill payments for years, ignoring debt collectors and dragging the process out through the courts, settling only at the last minute just as moves are made to have the company wound up.
Since 2004, there have been seven court judgements ordering Sensation Yachts owned by Ivan Erceg, brother of deceased liquor baron Michael Erceg to pay debts ranging in size from $600 to $157,000. Dozens of companies have called in debt collectors since 2003, chasing hundreds of thousands of dollars. Some of the money has been paid; much of it remains outstanding. Read the article.