They are going out the game!

sparkle_SC

Hi All

I'm really stressing and need some advice. Don't know if I'm posting in the right place so please move if not.

My parents retired in July, sold their house and are getting a canal boat built to live in and spend their retirement cruising the country.

The boat build has been a nightmare from the start with the completion date constantly being pushed back. First it was end july then September then November and now it's still not ready.

They visited the boat builder yesterday and he has told them that this is the last boat they will build and that they will be out of the game.

He has assured them that because they have paid for the boat as it's been built, any administrators brought in to wind up the company will not be able to take the boat.

I need reassured that this is correct. The boat is still on their premises and won't be ready for another few weeks - we need to know that an administrator can't include this in the companies assets. Can anyone help?

Thanks

Jenn

myrnahaz

If the paperwork isn't clear about the fact that another person (your parents) owns the boat then they (your parents) could be in trouble. If they haven't already had receipts covering each and every stage payment, then they need them NOW - and they must clearly detail such points as which cheque covered what work on that specific vessel.
The Revenue, bank etc will get first dibs at the assets, so if the boatbuilders owe VAT or other tax, and the boat is still listed as an asset or stock-item on their books, then the boat could be sold to pay the debt.
Maybe they need some legal advice BEFORE he gets to the point of having to call-in the administrators.