What if your marina...

xort · #1 10-08-2008

What if your marina goes bankrupt? In this turbulent time, anything is possible. If you are in the water, you can untie and cruise away. But what if you are on jackstands for the winter? The lift won't be running to get you in the water. Would creditors seize all "assets" which could include your boat? I knew a company that had equipment in another company's facility. That company went bankrupt and the doors were padlocked and all equipment was locked down. The first company had proof of ownership but it took about a year in court to get it freed.
How does one go about finding out the solvency of your marina?

Zanshin · #2 10-08-2008

What if the parking lot you were parked in went bankrupt, would your car belong to the lot's creditors? (hint - no). The other example is typical in a bankruptcy, as the equipment's provenance is not always immediately obvious and might need to be proven, but in the case of boats in a yard the situation is very different - but it might still be tough to get out due to the travellift and payment issues. There was a thread several months ago dealing with the issues and costs and problems involved in getting assets from partially built catamarans from a bankrupt yard in South Africa.

LittleMissMagic · #3 10-08-2008

Make friends with someone with a good pair of boltcutters and someone who knows how to run a travelift in case this happens!

WouldaShoulda · #4 10-08-2008

I would try to get some friends together to buy it at a bargain.

zz4gta · #5 10-08-2008

Quote:

Originally Posted by WouldaShoulda

I would try to get some friends together to buy it at a bargain.

Sounds like I need some of your friends. "just buy the marina"

T34C · #6 10-08-2008

The big difference is that your boat is Titled to you clearly proving your ownership. It might take a little while before the lift is available to put your boat back in the water, but I doubt you would have any issues related to ownership. (You would also likely get a bill for the time you spent waiting in the yard.)

WouldaShoulda · #7 10-08-2008

Quote:

Originally Posted by zz4gta

Sounds like I need some of your friends. "just buy the marina"

If you begin crewing on sailboats, you may just meet mine or make some of your own!!

anchorsaweigh · #8 10-08-2008

However, if the marina was performing maintenance or repairs on your boat at the time of bankruptcy then the creditor can padlock your boat until you settle up.

FarCry · #9 10-08-2008

If my boat was on the hard, rather than wait for a lengthy litigation to allow the travel lift to move again, I would hire a crane to sling it and drop it in the water. (With the court's permission, of course.) Especially if I were being charged yard fees, it could save big $'s and let me use the boat. Might be able to share the cost with other like minded "prisoners" in the yard and lower individual costs.

zz4gta · #10 10-08-2008

Quote:

Originally Posted by WouldaShoulda

If you begin crewing on sailboats, you may just meet mine or make some of your own!!

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