Unscrupulous liquidation processes questioned
Port Strategy has learned that contractor concerns over ‘unscrupulous’ liquidation practices going on at ports equipment suppliers may be no more than a storm in a teacup.
When Danish docking and mooring company Marimatech A/S changed its name in order to transfer all liabilities and bad debts shortly before filing for bankruptcy, setting up again with new management, it drew obvious criticism. Hcetamiram AS (Marimatech in reverse) went into liquidation on 27 February but Marimatech’s website announced the successful “transfer of activities” soon after.
An industry source said to PS: “To me, it evidences some of the unscrupulous practices that go on, which many ports, contractors and suppliers are not aware of. Some of them have obviously lost money and experienced operational disruptions.”
However, Milford Haven Port Authority, one of the former Marimatech’s largest customers would disagree: it has been named as one of the company’s four new owners.
An MHPA spokesperson told PS that “very little disruption” has been caused by the liquidation and further, “the acquisition included existing debtors”. The port authority added that it was unlikely that customers lost money or operational time due to the speed of restructure.
All existing customers are being contacted to outline the actions taken. Marimatech has now firmed up several orders that were in process before the liquidation and twenty two Danish employees have been retained.
Related Articles
OPERATIONS
OPERATIONS
PRODUCTS & SERVICES