OwnerShips to be wound up
04 May 2010
OwnerShips sold 29 new shares at its Braunston show – photo: Waterway Images
In an uncomfortable reminder of the unfinished Challenger Syndicateships case not so long ago, it appears monies taken by OwnerShips from syndicate owners may have been diverted ‘for other purposes’.
INLAND WATERWAYS: OwnerShips, the inland waterways company which manages 104 shared ownership boats involving over 1,000 owners, is expected to be wound up with debts of £1.8m, writes Harry Arnold.
Allen Matthews, who started the company 20 years ago, died recently and reports suggest that the accounts indicate that OwnerShips Ltd is insolvent, with monies taken from owners to be held on deposit being used for other purposes.
On the death of Allen Matthews the company was left to Joan Lindeman and Anthony Trueman was appointed executor and finance director of OwnerShips Ltd. Mr Trueman has discovered this situation during his investigation of the company accounts and has told members that the task of unravelling the audit trail of the company has been far from easy.
He says that Allen Matthews had taken money amounting to £1.8m from owners on the pretext that it was held on deposit and had also taken other monies from individuals who believed in him and used these funds to cover his trail. The only asset is the company’s head office which is on the market but charged to Barclays Bank.
OwnerShips’ directors apparently wanted to put a rescue plan to owners and investors on May 8, but this was found to be impossible because of decreasing confidence and suggestions of misuse of funds. Mr Trueman was going to instruct solicitors at a meeting on May 3 to obtain a petition to wind up the company, which will take at least a fortnight.
Meanwhile a meeting for owners and investors will be held on May 8 so the situation can be fully explained to them and ther’s a possibility that a plan could emerge to salvage something from the current situation. Many owners have already said that they wish the concept set up by OwnerShips to continue.
Mr Trueman stressed, however, that this is not a creditors meeting but a chance for discussion and a possibility of finding a way forward.
OwnerShips recently took over the boatyard at Fradley Junction and held its 20th boat show at Braunston, which resulted in the record sale of 29 new shares. As existing owners own their boats their investment should be safe, but the fees paid to OwnerShips for moorings, insurance and servicing may not have been passed on to suppliers.
Allen Matthews, who started the company 20 years ago, died recently and reports suggest that the accounts indicate that OwnerShips Ltd is insolvent, with monies taken from owners to be held on deposit being used for other purposes.
On the death of Allen Matthews the company was left to Joan Lindeman and Anthony Trueman was appointed executor and finance director of OwnerShips Ltd. Mr Trueman has discovered this situation during his investigation of the company accounts and has told members that the task of unravelling the audit trail of the company has been far from easy.
He says that Allen Matthews had taken money amounting to £1.8m from owners on the pretext that it was held on deposit and had also taken other monies from individuals who believed in him and used these funds to cover his trail. The only asset is the company’s head office which is on the market but charged to Barclays Bank.
OwnerShips’ directors apparently wanted to put a rescue plan to owners and investors on May 8, but this was found to be impossible because of decreasing confidence and suggestions of misuse of funds. Mr Trueman was going to instruct solicitors at a meeting on May 3 to obtain a petition to wind up the company, which will take at least a fortnight.
Meanwhile a meeting for owners and investors will be held on May 8 so the situation can be fully explained to them and ther’s a possibility that a plan could emerge to salvage something from the current situation. Many owners have already said that they wish the concept set up by OwnerShips to continue.
Mr Trueman stressed, however, that this is not a creditors meeting but a chance for discussion and a possibility of finding a way forward.
OwnerShips recently took over the boatyard at Fradley Junction and held its 20th boat show at Braunston, which resulted in the record sale of 29 new shares. As existing owners own their boats their investment should be safe, but the fees paid to OwnerShips for moorings, insurance and servicing may not have been passed on to suppliers.
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