Shadow is the first of the
ex-Ownerships boats to have a
buy-back share reclaimed by her syndicate
and sold to a new owner.
Dear Sir or Madam, Date
To whoever owns share X1 in Narrowboat Somename2, BW registration number 1234562
Copied to - Chris Barnett, official receiver winding up Ownerships Ltd.
I have been instructed by the members of the syndicate owning narrowboat Somename to inform you that, because you have paid nothing for the maintenance or management of the boat since before 1st May 2010, the amounts due have exceeded the value of the share and the syndicate has reclaimed the share to be sold for the benefit of the syndicate and to offset these accrued costs as per their syndicate agreement.
Unless, therefore, cleared funds to settle your outstanding bills are received by BC Boat Management Ltd. within 7 days, you will no longer be an owner of a share in narrowboat Somename or a member of the syndicate.
The share was 'bought back' into
your ownership by the former Ownerships Ltd. using funds provided by
contributors to the 'buy-back scheme' at a valuation based on one twelfth of an
insurance value for buy-back purposes of £99,9993
set by Ownerships Ltd and specified in the minutes of the Annual General meeting
of owners of Narrowboat Shadow held on (meeting date)
Against this value are set the costs incurred since 1st May 2010 and remaining unpaid:4
Boat running cost payments from 1/5/10 £0.00
Boat management costs from 1/5//10 £0.00
Winter maintenance costs 2010/2011 £0.00
Brokerage cost to offer share for sale (through BCBM Boat Share Ltd.)5 £250.00
Settlement of outstanding debt to marina/yard £0.00
Additional administrative costs arising from non-payment £0.00
Total costs accrued: £0.00
Deficit of accrued costs over share value:6 £0.00
In reclaiming the share from you for the benefit of the syndicate, this outstanding debt will now be written off and the syndicate will make no further demands on you. You will have no rights or interest in Narrowboat Somename and the syndicate will not accept any attempt by you to sell or assign the share to any other party