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Old 31-03-2013, 17:31   #1
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Yacht Path Going Bankrupt

We almost signed a contract to ship our boat from Mexico to British Columbia. So glad we didn't. It sounds like a few folks had their boats held on the ship until they paid the shipping company, even after they had already paid Yacht Path. That can add up to a lot of money!

Article Below

Yacht Path International, a prominent yacht and megayacht transport company based in Florida, and three related companies have filed for Chapter 11 bankruptcy protection.

Read more: Megayacht News — Yacht Path Files for Bankruptcy Protection Megayacht News — Yacht Path Files for Bankruptcy Protection
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Old 31-03-2013, 17:44   #2
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Re: Yacht Path Going Bankrupt

Ouch. The ship MAY have been out of line demanding payment from the owners. The service was contracted with the shipping company, and already paid. The contract between the ship and Yacht Path was the contract not paid for, and, as near as I can tell, the ship should have named itself as a creditor, and filed a claim against the assets, if any, of the bankrupt company. Collecting from the boat owners puts the onus on them to file a claim against the assets of the bankrupt company, an action unlikely to net 10 cents on the dollar. I have no legal expertise whatsoever, so the first thing I would do id see a lawyer, and see about getting a court order to keep the ship from heading to Lower Slobovia with my boat still on board.
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Old 01-04-2013, 05:33   #3
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Re: Yacht Path Going Bankrupt

Shorebird this article explains why he shippers could arrest the boats and demand payment fro the owners:

Yacht Path fails to pay and yachts are arrested
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Old 01-04-2013, 06:30   #4
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Re: Yacht Path Going Bankrupt

Quote:
Originally Posted by jeremiason View Post
Shorebird this article explains why he shippers could arrest the boats and demand payment fro the owners:

Yacht Path fails to pay and yachts are arrested

Pays to read the fine print…
Yacht transporters, and Yacht Path in particular, “took total advantage of a little-used commercial practice of retailing cargo space without binding the shipowner to performance,” McAllister said.
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