What if your marina... - SailNet Community
Reply
 
LinkBack Thread Tools
post #1 of 17 Old 10-08-2008 Thread Starter
Senior Member
 
Join Date: Aug 2006
Location: wherever
Posts: 5,430
Thanks: 8
Thanked 25 Times in 24 Posts
Rep Power: 12
     
What if your marina...

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?
xort is offline  
Quote Quick Reply Share with Facebook
Sponsored Links
Advertisement
 
post #2 of 17 Old 10-08-2008
Senior Member
 
Zanshin's Avatar
 
Join Date: Aug 2006
Location: Germany
Posts: 2,322
Thanks: 0
Thanked 31 Times in 29 Posts
Rep Power: 10
 
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.


To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.

To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
Zanshin is offline  
Quote Quick Reply Share with Facebook
post #3 of 17 Old 10-08-2008
San Juan 26
 
LittleMissMagic's Avatar
 
Join Date: Oct 2006
Location: Robertsdale, AL
Posts: 395
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 10
 
Make friends with someone with a good pair of boltcutters and someone who knows how to run a travelift in case this happens!

Jon Caisson Bozeman
S/V Little Miss Magic, Pirates Cove, AL
LittleMissMagic is offline  
Quote Quick Reply Share with Facebook
post #4 of 17 Old 10-08-2008
AEOLUS II
 
WouldaShoulda's Avatar
 
Join Date: Oct 2008
Location: From The Land of Pleasant Living
Posts: 2,921
Thanks: 3
Thanked 12 Times in 12 Posts
Rep Power: 8
 
I would try to get some friends together to buy it at a bargain.
WouldaShoulda is offline  
Quote Quick Reply Share with Facebook
post #5 of 17 Old 10-08-2008
I don't discuss my member
 
zz4gta's Avatar
 
Join Date: Aug 2007
Location: Chesapeake Bay
Posts: 2,551
Thanks: 0
Thanked 33 Times in 33 Posts
Rep Power: 9
 
Quote:
Originally Posted by WouldaShoulda View Post
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"

Merit 25 # 764 "Audrey"
zz4gta is offline  
Quote Quick Reply Share with Facebook
post #6 of 17 Old 10-08-2008
Thanks Courtney.
 
Join Date: Sep 2006
Location: IL
Posts: 3,954
Thanks: 1
Thanked 1 Time in 1 Post
Rep Power: 12
     
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.)
T34C is offline  
Quote Quick Reply Share with Facebook
post #7 of 17 Old 10-08-2008
AEOLUS II
 
WouldaShoulda's Avatar
 
Join Date: Oct 2008
Location: From The Land of Pleasant Living
Posts: 2,921
Thanks: 3
Thanked 12 Times in 12 Posts
Rep Power: 8
 
Quote:
Originally Posted by zz4gta View Post
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!!
WouldaShoulda is offline  
Quote Quick Reply Share with Facebook
post #8 of 17 Old 10-08-2008
1980 Nonsuch 30C #77
 
anchorsaweigh's Avatar
 
Join Date: Aug 2000
Location: New England
Posts: 39
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 0
 
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.

You can polish a turd, but you just end up with a shiny turd.
anchorsaweigh is offline  
Quote Quick Reply Share with Facebook
post #9 of 17 Old 10-08-2008
Freedom 39
 
FarCry's Avatar
 
Join Date: Apr 2007
Location: St Thomas USVI
Posts: 1,131
Thanks: 0
Thanked 35 Times in 33 Posts
Rep Power: 10
 
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.
FarCry is offline  
Quote Quick Reply Share with Facebook
post #10 of 17 Old 10-08-2008
I don't discuss my member
 
zz4gta's Avatar
 
Join Date: Aug 2007
Location: Chesapeake Bay
Posts: 2,551
Thanks: 0
Thanked 33 Times in 33 Posts
Rep Power: 9
 
Quote:
Originally Posted by WouldaShoulda View Post
If you begin crewing on sailboats, you may just meet mine or make some of your own!!
PM inbound.

Merit 25 # 764 "Audrey"
zz4gta is offline  
Quote Quick Reply Share with Facebook
Reply

Quick Reply
Message:
Options

By choosing to post the reply above you agree to the rules you agreed to when joining Sailnet.
Click Here to view those rules.

Register Now



In order to be able to post messages on the SailNet Community forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.
Please note: After entering 3 characters a list of Usernames already in use will appear and the list will disappear once a valid Username is entered.


User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.

Password:


Confirm Password:
Email Address
Please enter a valid email address for yourself.

Email Address:
OR

Log-in









Human Verification

In order to verify that you are a human and not a spam bot, please enter the answer into the following box below based on the instructions contained in the graphic.




Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page



Similar Threads
Thread Thread Starter Forum Replies Last Post
Trip Report: Bremerton Marina artbyjody Pacific Northwest & Alaska 2 08-20-2008 01:54 PM
Live aboard Marinas PIR82L8 Living Aboard 5 02-02-2007 08:33 PM

Posting Rules  
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On
Trackbacks are On
Pingbacks are On
Refbacks are On

 
For the best viewing experience please update your browser to Google Chrome