The other, and equally damaging revelation that emerges from the administration, is that none of the would-be owners, some of whom have paid virtually all that was due to secure delivery of their craft, seemingly acquired any legal interest or title to those vessels.

Some of them watched, helpless, as those craft were sold off to other distributors and driven away. They now wait, with all the other creditors, to see what they stand to recover from the administrators.

I fear the banks that provided the stock finance, and brought in the receivers, will fare better.

Even up to 10 years ago, most build contracts were directly between purchasers and manufacturers or their agents.

Those contracts provided for transfer of legal title to the purchaser as the build progressed, and in direct proportion to the stage payments agreed in the contract. The manufacturer could not borrow on/or charge the craft.

Most contracts are now taken between purchasers and distributors, who have no power to transfer title until they themselves acquire ownership from the manufacturers under the separate contract between them.

The distributor often compounds the problem by raising stock finance on all the craft they commission, secured by mortgages, which are only released upon payment immediately prior to handover to the purchaser, who is often oblivious of these events.

All well and good provided the orders keep on coming but, as recent events show, a disaster in the making for the exposed purchasers when the cash flow slows.