Sovereign Yachts headed for receivership?

Sovereign Yachts headed for receivership?

The National Business Review in New Zealand has reported that Sovereign Yachts could be forced into receivership by one of its suppliers. The paper reported that attorneys for YCO SAM, a Monaco-based subsidiary of YCO Deuxmil, has begun advertising for the application. The application is due at the High Court at Auckland at the end of this week.

Phone calls and an email from IBI to Sovereign Yachts were not returned, and the company’s website seems to have gone dark.

The yacht builder moved to New Zealand in 2001 from Canada. At the time, then Prime Minister Helen Clark and Economic Development Minister Jim Anderton welcomed the yacht builder. The government predicted that 350 jobs would be generated in two years. But the firm employed about 100 people during that time period.

The company also drew some heated attention from the opposition party after it was disclosed that Sovereign Yachts owner Bill Lloyd bought 4ha of Auckland waterfront property for less than NZ$500,000 from the government.

According to its website, YCO Yacht is a yacht management and consultancy company based in Monaco. It was acquired by Deuxmil Marine PLC in 2008. An email request for more information to its senior managers was not returned by presstime.