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Insights

Corporate Intelligence

Case study

Law firm – UK

A law firm instructed Page Group to prepare an asset tracing report on a shipping company who had chartered a vessel from their client.  The subject company had not paid the final instalment of the charter and the law firm wanted to check to see if it had any assets prior to taking any legal action.  The client provided limited information other than the company name and an address in Athens.  Research identified the company was incorporated in Singapore, owned by two Marshall Island companies.  The Athens address and phone numbers were linked to two other companies. These two other companies had similar websites to the Subject Company.  All three had been registered on the same day.  It appeared the Subject Company had been set up as Special Purpose Vehicle, solely for the charter of this vessel, and had no assets of its own.

It appeared the Subject Company had been set up as Special Purpose Vehicle, solely for the charter of this vessel, and had no assets of its own.

 

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