LEGAL
“The answer is you can register your ownership and that registration is good against the shipyard of course and it is also good against the shipyard’s creditors or a liquidator in case the yard ever goes bankrupt. But, the Cayman Islands flag will also allow you to register your ownership, And I’ve seen a number of cases over the years where people who really ought to know better will decide to register it in the Cayman Islands. It’s a big mistake because questions of ownership to a yacht that’s under construction in Italy depend completely on Italian law and if you haven’t bothered to register your ownership in Italy and the shipyard goes bankrupt your claim against the liquidator is void. You can’t enforce the security. That’s a pretty fundamental mistake and I am always surprised at the number people that make it.”
Charlier remembers an example of a yacht in Cannes where the yacht structure meant it couldn’t benefit from the VAT exemption and the owner ended up paying the VAT on the hull value. “It turned
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out that the owner had taken advice from the yacht broker. It’s important to get the right kind of advice from people who know.” On another occasion a client was persuaded do buy the owning company rather than the yacht itself without taking any legal advice. Fair enough you might say, it’s not a complicated thing to do. But he found there were inherent problems with the crew and very quickly the cost of the yacht was put in the shade by the amount that was claimed by the crew members and the yacht
PRESTON TURNBULL Preston Turnbull is a new law firm, set up in October 2019 following a breakaway from an international firm. They have over 100 years of collective experience in their core sectors. The team at Preston Turnbull includes some of the leading litigators in the superyacht market, acting across disputes involving yacht charters, sales and broker disputes. The firm also has acted in litigation involving some of the world’s largest and most iconic yachts and has particular expertise in handling disputes arising during projects for new build bespoke yachts, including claims arising from defects after delivery. While able to deliver expert legal advice and support during any disputes, the team pride itself on adopting a commercial approach to assist with getting projects delivered while resolving problems along the way. With an unwavering team approach they provide the full suite of services with flexibility and complete transparency. For more details visit
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ONBOARD | SUMMER 2021 | 93
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