Fleet take over – Full restructure of all vessels
Due to a very complex transaction going wrong a client ended up with more than 7 yachts that were due to come into his ownership within 4 weeks. The only issue was none of the yachts were commercial, but all needed to be at the time of completion to secure a potential VAT exposure and comply with the lending banks loan covenants.
In 2008 a highly regarded UK Maritime law firm appointed Arrow for urgent assistance to help them register these all of these yachts.
The process involved:-
- Tracing missing ships documents for flag and class
- Tracing missing previous ownership proof
- Obtaining non completed mortgage discharge documents
- Change of ownership
- Change from pleasure class to commercial class
- Change of vessel type from pleasure to commercial
Adding to the complexity of this assignment included:
- The yachts were located in different countries
- Corporate ownership was different
- Class & Flag surveyors to be completed for each yacht in each different country to issue MCA Coding for commercial registration, Tonnage surveys etc.
“Maritime law firm appointed Arrow for urgent assistance “
Thanks to our good relationship with Flag/Class Societies and surveyors etc. all documentation required for the vessels was completed in less than a month meeting the clients deadline had been achieved.
This was a big challenge where our team skills and network of contacts allowed us to exceed the client’s expectations.
(Non Disclosure agreements prohibit any further details being revealed)