Liquidators appointed to Azzura Marine NowraDOWNLOAD
Friday 16 October 2009: Deloitte partners David Lombe and Simon Cathro have been appointed as Liquidators of Azzura Marine Nowra.
Internationally recognised for the construction of premium quality yachts, Australian yacht builder Azzura Marine has built in excess of 200 vessels across its three Australia-based facilities in the 15 years since it has been established.
Azzura Marine recently undertook a detailed review of its operations and is now embarking on an immediate reduction of its facilities and workforce resulting in the decision to cease Nowra operations and place that entity into creditor’s voluntary liquidation.
"In line with the world’s luxury boat industry, the wholly owned subsidiary of Azzura Marine, Azzura Marine Nowra Pty Ltd has been significantly impacted by the global financial crisis,” said Mr Cathro.
“The company has experienced a decrease in demand for yachts over the last six to 12 months, declining from a peak of seven ‘new build’ orders in 2008 to no ‘new build’ orders in the space of one year.
“Azzura Marine does not currently have the financial resources to maintain three ship building facilities,” he said.
The company’s Director stated that he exhausted all options to obtain financial support to enable operations in Nowra to continue. The Director recognises this action will adversely affect both employees and suppliers of that business, but given his duties under the Corporations Act, stated that there was no alternative.
Mr Cathro confirmed that the role of the liquidators will be to secure the assets of the company, deal with creditor issues, determine the best approach for the realisation of assets and provide certain assistance to the 70 former staff.