Company In Administration

[Pav]

Hi everyone,

 

Well the nightmare we hoped we would not experiance has happened.

 

I have been informed this evening that our boat company have gone into administration.

 

We are sitting here in a state of absolute shock and feeling sick to the core!!

 

We discovered this through our surveyor Tom Keeling.

 

Marmaduke was so close to being completed and handed over to us, that as I say we are shell shocked.

 

The builder only cashed our last stage payment cheque on Wednesday, at that time he was obviously aware his business was in trouble.

 

Unable to contact the adminstrators until Monday.

 

Any advice which anyone can provide will be very much appreciated.

 

Marmaduke was due to have its engine and windows fitted this coming week. My concerns are that these have not been paid for, if indeed even ordered!

 

Chose SVBC as they had been in business since 1974, we thought they would be as safe as any company...........How wrong we were!!

 

Regards,

Pav.

[AMModels]

Pav, Im gutted for you mate. That stinks.

[denboy]

No words to console you mate sorry maybe garry can shed some light as i know there are different ways in which boats are infact sold you may still own the boat in theory i am gutted for you

[Chris J W]

Bloody hell! That's certainly not good to hear.

 

Fingers crossed that it all works out OK.

[Keeping Up]

Pav I'm sure you have the sympathy of everyone on the forum. Let us all hope you find that you do in fact own most of your boat, if not all of it, and that you manage to find a way out of this awful mess!

[Gary Peacock]

Sorry that's bad news.

 

Having been involved in the Heron saga my advice would be to get down there pronto on Monday, if it's a long way book an hotel for a couple of nights.

 

Appointing an administrator should have already taken place so they should be contactable but your first job is to secure your property the boat.If you can get in find the items that are your property and get them on the boat and secure it! Then post notices that any attempt to remove anything will be treat as theft and the police will be informed.You will then probably have to arrange the boats removal quickly.

 

Now that is the worst case scenario if the company is still viable it might still limp on with the administrators at the helm but if liquidators are involved you will more or less have to guard the boat until it is moved because it can rapidly turn into a feeding frenzy among creditors and thing vanish rapidly.

 

It might be worth messaging Mick & Pauline their boat was caught up in the Heron saga and from that they know how to deal with administrators from the legal side.Anyway fingers crossed it will all work out OK for you.

 

Now Just another thought are they a BMF member? They don't seem to be listed now but I seem to remember they were at one time.

 

The BMF code of practise would offer you some assistance if they are members.

Edited January 26, 2008 by Gary Peacock

[andywatson]

Hi everyone,

 

Well the nightmare we hoped we would not experiance has happened.

 

I have been informed this evening that our boat company have gone into administration.

 

We are sitting here in a state of absolute shock and feeling sick to the core!!

 

We discovered this through our surveyor Tom Keeling.

 

Marmaduke was so close to being completed and handed over to us, that as I say we are shell shocked.

 

The builder only cashed our last stage payment cheque on Wednesday, at that time he was obviously aware his business was in trouble.

 

Unable to contact the adminstrators until Monday.

 

Any advice which anyone can provide will be very much appreciated.

 

Marmaduke was due to have its engine and windows fitted this coming week. My concerns are that these have not been paid for, if indeed even ordered!

 

Chose SVBC as they had been in business since 1974, we thought they would be as safe as any company...........How wrong we were!!

 

Regards,

Pav.

 

I've never faced this situation myself but what what I'd do (based on a story told to me by someone who has) is get down there ASAP with a sleeping bag, camp bed, and mobile phone then get you or your partner inside your boat and stay put while your wife, partner or mates organise removal of what you've paid for.

 

If you've got some receipts or bank statements to wave about better still.

 

Don't come out without the boat.

 

Good luck. We are all rooting for you.

[Dave45]

Hi everyone,

 

Well the nightmare we hoped we would not experiance has happened.

 

I have been informed this evening that our boat company have gone into administration.

 

We are sitting here in a state of absolute shock and feeling sick to the core!!

 

We discovered this through our surveyor Tom Keeling.

 

Marmaduke was so close to being completed and handed over to us, that as I say we are shell shocked.

 

The builder only cashed our last stage payment cheque on Wednesday, at that time he was obviously aware his business was in trouble.

 

Unable to contact the adminstrators until Monday.

 

Any advice which anyone can provide will be very much appreciated.

 

Marmaduke was due to have its engine and windows fitted this coming week. My concerns are that these have not been paid for, if indeed even ordered!

 

Chose SVBC as they had been in business since 1974, we thought they would be as safe as any company...........How wrong we were!!

 

Regards,

Pav.

 

Hi Pav

Im really sorry to hear of the sad state of affairs tat you are going thro.

Dont know how we would cope if somethig like that happened to us.

Hope you can let us know what is happening when you have found out more,until then we hope everything goes well for you.

Dave n Caz

[Gary Peacock]

I know this might hurt!

 

You haven't made any advance payment have you?

 

The payment you made was for work completed?

[Dylan]

A terrible thing to happen. I have never been in this position, but what others say seems to make sense. Get down there armed with mobile phone, camera, some means of sleeping, and photocopies of any documentation and receipts that you have to date. ike evrybody else, I sincerely hope that youget this sorted out quickly. Please post regularly then others may offer advice and opinions.

[Pie Eater]

Pav

 

Go to the boat, take possession and then arrange a crane and low loader and move it somewhere else. A fellow boater did this a few years ago without any problems.

 

He lost money but he got his boat which was 90% completed.

 

Steve

[NB Willawaw]

I'm sorry this has happened John.

- as if you haven't had enough problems recently.

 

You did all you could to protect yourself by going with a well known, long established company.

 

I'm sure it will come good in the end.

 

Talk to Andrew Lawrence, who went through a similar problem.

[Scotty]

I'm really sorry for you Pav,

 

Have you found somewhere for the caravan yet? If not then i'd suggest taking it to the marina and make a nuisance of yourself.

If you're living on site then you'll definitely get noticed.

 

Gather together a plan for Monday and go and defend what you've paid for.

 

 

Good luck

[Pav]

I know this might hurt!You haven't made any advance payment have you?The payment you made was for work completed?

Hi Gary,Paid the initial build slot deposit, followed by further deposit on signing the contract.First stage payment was paid when shell was delivered. I have a letter from the shell builder stating he was paid for and has no interest in it, and another letter from SVBC which states the shell is my property.SVBC, then requested next stage payment a week yesterday, which we paid, and this was cleared through our Bank on Wednesday, can you believe!I was not going to pay this, as the engine and windows have not been fitted, but SVBC said that other works had been done in advance ie the shell being painted.So, I feel that the monies which I have paid to date has been for work carried out.I have looked on the BMF web site, searched for SVBC, and it comes up that they are 'Full Members'.Regards,Pav.PS. I am sorry not to be replying to you all individually for your kind words, but I am just feeling really sick over the entire matter.

I'm really sorry for you Pav, Have you found somewhere for the caravan yet? If not then i'd suggest taking it to the marina and make a nuisance of yourself.If you're living on site then you'll definitely get noticed.Gather together a plan for Monday and go and defend what you've paid for.Good luck

Hi Scotty,Unfortunately the caravan is a static.Regards,Pav.

[Gary Peacock]

OK if they are members of the BMF then that should be helpful.

 

You need to ring Nigel John who is the BMF’s Company secretary first thing on Monday morning and explain your position in relation to one of his members!

 

This might be a test of the BMF but I would like to think they will prove their worth besides organising boat shows!

 

If I can help with any more info or advice ring me on Monday 01924 493844

 

Now until you speak to the administrators there is going to be little information available, even when you do speak to them they will not be in a position to comment on where any prepayment might have gone. You would seem to be able to provide very good title to your property so that is good news.

 

Spend tomorrow getting copies of your documents receipts together tomorrow and then on Monday be prepared to stay on site until you get answers initially you may be denied access so I would seriously consider booking a room somewhere near buy if you don't need it you can always cancel.

 

If the administrator is obstructive mention potential press interest and ask some detailed questions about their company, this normally provokes a better "understanding"!

Edited January 26, 2008 by Gary Peacock

[Gary Peacock]

Right I have just found Nigel Johns contact details Nigel John at the British Marine Federation on 01784 473377 or e-mail: njohn@britishmarine.co.uk now we have an email address at least you can put together an email to him tomorrow..

 

I would include all the details of your involvement with the builder from day one to the present, so he has all the facts and background.

 

I have dealt with Nigel and I think he will help.

 

Next you need to dig out your contract for the boat this should be a BMF standard contract for the build of a new boat similar to this one HERE ours is a bit modified but It should be similar. The BMF will definitely need a copy of this and it should be enough to scare any potential liquidators from laying claim to your property.

Edited January 26, 2008 by Gary Peacock

[bargiepat]

Hi, Have just read their web site....................

Quote.

" Our philosophy is to be honest and up front – we will tell you if we think something is a "waste of money"! If you have chance to draw any rough sketches, this can be very useful in starting the ball rolling. We have a number of example layouts and designs that may also help you to formulate the final "dream boat". "

 

 

ending with......"All in all, having a boat built by Severn Valley is both an enjoyable and rewarding experience which ends in your dream boat coming true – we all at Severn Valley look forward to working with you at some point in the future!"

 

 

Stay strong......

 

 

Patrick.

[bridgit]

Feeling gutted for you, hope you have some good news soon xx

[Hobbler]

Pav

So sorry for the situation you are in

 

If you decide you want help to take possession of the boat which it would seem from your posts is legally yours let me know as I am not far from Stourport and can be there in under half an hour to assist.

 

Even if its just bow hauled away from the yard it would be safer than if left to the mercies of a creditors frenzy

[cheshire~rose]

This situation is just awful,

 

I really wish there was something I could do to help. I suspect just about everyone feels the same........ whatever help you need please ask........ I am sure there will be people here willing to help where they can

 

Praying for the best possible outcome for you and others who are affected by this company going down, customers and suppliers alike.

[Tonyl]

Hi everyone,

 

Well the nightmare we hoped we would not experiance has happened.

 

I have been informed this evening that our boat company have gone into administration.

 

We are sitting here in a state of absolute shock and feeling sick to the core!!

 

We discovered this through our surveyor Tom Keeling.

 

Marmaduke was so close to being completed and handed over to us, that as I say we are shell shocked.

 

The builder only cashed our last stage payment cheque on Wednesday, at that time he was obviously aware his business was in trouble.

 

Unable to contact the adminstrators until Monday.

 

Any advice which anyone can provide will be very much appreciated.

 

Marmaduke was due to have its engine and windows fitted this coming week. My concerns are that these have not been paid for, if indeed even ordered!

 

Chose SVBC as they had been in business since 1974, we thought they would be as safe as any company...........How wrong we were!!

 

Regards,

Pav.

Pav,

So sorry to hear about your seriously bad news !.

As you may recall, we are are having a boat built too, this just frightens the S**T out of me . Cant offer advise, only sympathy mate. I know it does not mean a lot or even help, but keep the faith.

Talk to you soon.

 

Regards

 

Tony

[chris w]

Re the hull, you may find it's not so simple as the company may have sold that hull to more than one party if they knew things were going belly-up. I was told this happened when another well-known boat builder went bust a year or so ago, selling one hull three times to get the cash.

 

Chris

[Gary Peacock]

Re the hull, you may find it's not so simple as the company may have sold that hull to more than one party if they knew things were going belly-up. I was told this happened when another well-known boat builder went bust a year or so ago, selling one hull three times to get the cash.

 

Chris

 

A bit of an urban myth is that one but not to say it isn't possible!

 

But I think maybe everyone should take a deep breath until the administrator makes a statement, companies fail it is a fact of business but it is not also so clear cut. Remember the narrowboat building game is on its arse at the moment if the banks etc loose faith the end can come quickly no matter how above board the builders intension's are.

[chris w]

As has been said on here before, many boatbuilders are great craftsmen but totally crap business people. They can control tolerances but not cash.

 

Always look through the accounts of any company with whom you're going to spend a significant amount of money. They are public documents for all LTD companies.

 

I'm not sure why Gary you think multi-selling is an urban myth. It's a well-known (and illegal) practice when things are going tits up.

 

Chris

[Pav]

Pav

So sorry for the situation you are in

 

If you decide you want help to take possession of the boat which it would seem from your posts is legally yours let me know as I am not far from Stourport and can be there in under half an hour to assist.

 

Even if its just bow hauled away from the yard it would be safer than if left to the mercies of a creditors frenzy

 

Hi Hobbler,

 

Really appreciate your kind offer.

 

People are being very kind and I may well take you up on your offer.

I will keep you informed of events.

Regards and again many thanks.

Pav.