Following the announcement of the online auction of Dubois Naval Architects last week, after the studio’s closure, the insolvency and restructuring firm CVR Global has made a public announcement regarding the auction and the next stage of the liquidation process.
It has been confirmed that all assets and intellectual property of Dubois Naval Architects has been sold for an undisclosed figure, after the company fell into liquidation on 2nd February 2017.
CVR Global instructed Marriott & Co to hold an online auction of all assets, including the company’s legendary name, intellectual property rights and all drawings and designs. According to CVR Global, the auction, which was held on 28th February received global recognition, resulting in all lots being sold higher than their reserve prices.
Joint liquidator Terry Evans, of CVR Global said, “The death of Mr Dubois had a dramatic impact on the fortunes of Dubois Naval Architects, and the financial restraints 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”.
CVR Global is now in the process of completing the procedure, which will result in the secured creditor being paid in full. Evans also says that, “if the work in progress is completed satisfactorily, the end result may provide a dividend to the remaining creditors.”
Gavin Marriott of Marriott & Co, adds, “we are pleased that the best bids for all the lots at the auction exceeded the reserve prices, and we are in the process of completing the sale accordingly.”
Despite this heart-wrenching situation, Ed Dubois and Dubois Naval Architects is a name that will never be forgotten in yachting spheres, having designed 71 superyachts, some of which have shaped the way the sailing yacht market looks today. Unfortunately, the sailing yacht market remains in the mire, so much so that Dubois Naval Architects was unable to maintain its lucrative track record, following the tragic loss of its eponymous founder.