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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)