The Asset Recovery service provided by Reliance Yacht Management was recently put to the test by a major international bank when we were tasked to collect a yacht from Croatia. A loan secured against the yacht had failed to be repaid and the Bank took legal action to recover the asset.

Reliance was able to establish through a network on contacts, the latest movements of the yacht, the number of people on board and its exact location in the marina before sending the collection crew. On a Sunday night we advised that the boat had returned to the marina. Reliance dispatched a crew the following morning on the next flight to Split.

By 10.00 the crew boarded the boat, padlocked the wheel and retained the ignition key. The situation was explained to the unfortunate charter guests who had to pack their bags and vacated the vessel.  The yacht departed Croatia 15 minutes later.

Through live text and image updates, the bank was kept informed of progress of the initial recovery and the subsequent delivery. The yacht will be taken to its country of registration and sold.

Asset Recovery is a service of Reliance Yacht Management. We offer a complete range of marine recovery services, including discovery, repair, relocation and re marketing. We are experienced and able to perform international recovery through our network of agents and captains Worldwide.

Reliance Yacht Management works closely with Finance Companies and Debt Collection agencies to help resolve unpaid debts within the leisure marine market.

More details at http://www.relianceyachtmanagement.com/asset-recovery/