Arnold’s Boat Shop calls in administrators

Nold Trading Pty Ltd, which trades online as Arnold’s Boat Shop, appointed Worrells Solvency and Forensic Accountants as administrators of the company on April 16 after going into voluntary administration.

Worrells partner Andrew Blundell said the business was now looking for a buyer.

“We are currently conducting an urgent sale of business process; any interested parties should contact our office,” Blundell told boatsales.com.au. 

“Affected customers have been contacted directly and we will be conducting the relevant investigations and reporting to creditors in due course.”

Worrells declined to say how many creditors the business had, or how much money was owed to them.

Documents filed to the Australian Securities and Investments Commission show the company, which also trades under the names 240V LED Solutions Australia and Marine LED Solutions Australia, will have its first meeting with creditors on April 28.

That meeting will decide which creditors will work with Worrells to ensure the best outcome. A later meeting will decide on the future of the company based on options provided by the administrator.

Under Australian consumer law, anyone who buys a product from a company that appoints an external administrator becomes an “unsecured creditor”, meaning there is no guarantee that once the company has paid its other debts – such as its workers’ wages or its shareholders – that you will get the product you paid for, or your money back.

However, if you’ve paid for something by credit card, you may be able to ask for a chargeback, meaning the credit card company will decline to hand over your money to the third party.

If you want to ask for a chargeback, do so as soon as possible.

If creditors eventually decide that Arnold’s Boat Shop has to stop trading, unsecured creditors will need to contact Worrells to register as an unsecured creditor.

For more information, contact the Australian Securities and Investments Commission on 1300 300 630.