Golden Horizon ‘to be seized by bailiffs’

Tradewind Voyages court order winding up
By Linsey McNeill
24/11/2022
Home » Golden Horizon ‘to be seized by bailiffs’

Tradewind Voyages’ ship Golden Horizon could be seized by bailiffs seeking to recover hundreds of millions of pounds owed by its owners, according to news reports.

An order has been made by the Commercial Court in Split to force the sale of the world’s largest tall ship over a claim of around €57.6m allegedly owed by Tradewind and Golden Horizons owners to Russian-owned bank VTB.

Staff employed by Tradewind Voyages in the UK also say they are owed thousands of pounds in unpaid wages by the company, which paused its operations in the UK earlier this year following a shaky start.

However, even if the Golden Horizon is sold, there is unlikely to be any cash left over to pay staff. In fact, the ship has been on the market since August, but even if it fetches the asking price of £100m, it won’t cover its existing debts. Tradewind and Golden Horizon’s owners, Croatian shipyard Brodosplit and DIV Group, are understood to have borrowed a total of €220m using the ship as collateral.

Brodosplit owner, Croatian businessman Tomislav Debeljak, told Tradewind staff last month that they should claim benefits instead of pursuing him for the money. He even told former Marketing Manager Maddie Taylor, a young mum who says she’s owed £15,000, that she should ‘be happy and in love’.

Tradewind Voyages also faces a compulsory strike-off order by Companies House in the UK for failing to submit its accounts, which are almost two months’ overdue.

The operator has three months to file its accounts or it will be struck off, leaving it unable to trade in the UK or sell any assets.

Golden Horizon was due to sail to Qatar to provide accommodation for football fans attending the World Cup, but the contract was cancelled earlier this month.

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