An interesting story has come out of the Olympic showjumping,
with the dual silver medal winning 10 year old Belgian stallion
named London, being seized as part of ongoing bankruptcy
proceedings, leaving his German rider Gerco Schroeder
Mr Schroeder is now faced with the uncertainty of whether he
will be able to continue to ride the talented stallion or if he
will have to find himself a new backer and a new mount.
Other horses owned by the European real estate company Stal
Eurocommerce, the company director Mr Ger Visser and his son have
also been seized in an attempt to secure company assets until such
time as the financial issues of the company and the exact ownership
of the horses can be determined.
This is a timely reminder for all owners and riders regarding
the classification of their 'equine capital'. Horses, tack,
floats and all other equipment used in the pursuit of the various
equine sports are assets and will be treated as such by
administrators, receivers, liquidators and trustees. Even a paddock
hack and a second hand saddle will sell for a price on the open
market and may be considered an asset.
This becomes especially pertinent if, for example, a member of
your racing syndicate becomes bankrupt. Their share will become the
property of the respective trustee in bankruptcy who will attempt
to sell the asset. This means that you may have no say regarding
who the trustee sells to and therefore who can buy into your
As such, you need to ensure that your equine assets are properly
protected so that you don't let the next Black Caviar fall into
the hands of administrators or find yourself competing at Olympic
level without a horse!
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.Madgwicks is a member
of Meritas, one of the world's largest law firm
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When determining if a DOCA is to be terminated, public interest can, and often will, outweigh any benefit to creditors.
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