Latest News Headlines
Commercial Credit News
|Dubois Naval Architects assets sold at auction by liquidators from CVR Global|
|Friday, 03 March 2017|
The assets of the leading design firm set-up by world-renowned yacht designer Ed Dubois have been sold at auction.
Insolvency and restructuring firm CVR Global were called into Dubois Naval Architects Ltd earlier this year after the company hit financial trouble following the death of Mr Dubois in March 2016.
Terry Evans and Simon Lowes from CVR Global were appointed joint-liquidators of Dubois Naval Architects - based in Lymington in Hampshire - on 2 February 2017.
CVR Global instructed auctioneers Marriott & Co to hold an online auction of Dubois Naval Architects’ assets, which included the iconic company’s name and its intellectual property rights, its drawings and designs.
The auction, held on 28 February 2017, attracted world-wide interest and resulted in all lots being sold exceeding the reserve prices.
Terry Evans, from CVR Global’s Southampton office, said: “The death of Mr Dubois had a dramatic impact on the fortunes of Dubois Naval Architects, and the financial constraints the company experienced in a difficult market resulted in our appointment.
“Following an assessment of the company’s affairs it was clear the business could not continue to trade and we subsequently instructed Marriott & Co to hold an auction of the company’s business assets.
“We are in the process of completing the procedure, and early indications are that the outcome will result in the secured creditor being paid in full. If the work in progress is completed satisfactorily, the end result may provide a dividend to the remaining creditors.
“There has been world-wide interest in the Dubois assets, and we believe the auction process exceeded expectations.”
Gavin Marriott, director of Marriott & Co, added: “We are pleased to say that the best bids for all the lots at the auction exceeded the reserve prices, and that we are in the process of completing the sales accordingly.
“There has been world-wide interest in the Dubois assets, and we believe that the auction result was excellent.”
Forums International Ltd
Attendance at your first meeting is free of charge, and please quote reference 'CCR2016' to receive the special 10% discount off of your first annual subscription.
Find out more here.
The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.
CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.
As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.
Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.
GTS Media Ltd
81 Cambridge Road
Registered in England No: 05483197