The assets of Dubois Naval Architects Ltd have been sold at auction, with all lots exceeding the reserve prices
3 March 2017
The auction to sell off assets of the leading design firm, set-up by world-renowned yacht designer Ed Dubois, has “exceeded expectations”.
In a media release, the insolvency and restructuring firm CVR Global said all lots had been sold exceeding the reserve prices.
These included the iconic company’s name and its intellectual property rights, its drawings and designs, including the 190-foot Ngoni, which is being built at Royal Huisman, and is expected to be launched later this year.
CRV Global was called into Dubois Naval Architects Ltd earlier this year after the company hit financial trouble following the death of Dubois in March 2016.
Terry Evans and Simon Lowes from CVR Global were appointed joint-liquidators of the Lymington-based firm on 2 February 2017.
CVR Global instructed auctioneers Marriott & Co to hold an online auction of Dubois Naval Architects’ assets, which took place on 28 February 2017.
It attracted world-wide interest.
Commenting on the auction, Terry Evans, from CVR Global’s Southampton office, said: “The death of Mr Dubois had a dramatic impact on the fortunes of Dubois Naval Architects, and the financial constraints the company experienced in a difficult market resulted in our appointment.”
“Following an assessment of the company’s affairs it was clear the business could not continue to trade and we subsequently instructed Marriott & Co to hold an auction of the company’s business assets”, he explained.
“We are in the process of completing the procedure, and early indications are that the outcome will result in the secured creditor being paid in full. If the work in progress is completed satisfactorily, the end result may provide a dividend to the remaining creditors.” stated Evans.
“There has been world-wide interest in the Dubois assets, and we believe the auction process exceeded expectations.” he said.
Director of Marriot & Co, Gavin Marriott, added: “We are pleased to say that the best bids for all the lots at the auction exceeded the reserve prices, and that we are in the process of completing the sales accordingly.”
“There has been world-wide interest in the Dubois assets, and we believe that the auction result was excellent,” stated Marriott.
27 February 2017
Dubois Naval Architects Ltd, which was set up by Ed Dubois in 1977, has gone into liquidation, with the sale of assets ending tomorrow (28 February 2017).
The 63-year-old yacht designer passed away on 24 March 2016, after battling cancer.
At the time, senior designer Peter Bolke was appointed managing director of the company.
The sale of assets is being handled by the auctioneers and valuers, Marriott & Co, which is based in Farnham, Surrey.
Viewing took place on Friday (24 February 2017) at Lymington, Hampshire, where Dubois Naval Architects Ltd had its offices.
The iconic Dubois name, as well as drawings, branding and all future royalties on yachts designed by the studio are available to buy.
These include design rights for the 190-foot Ngoni, which is being built at Royal Huisman, and is expected to be launched later this year.
Scale models of the Dubois-designed Aglaia, Ganesha, and Imagine, as well as office furniture and equipment and an Avon 18-foot RIB with Yamaha 4-stroke outboard are also part of the online auction.
Bidding closes at 1500 on 28 February 2017.