Beleaguered sailing school unable to pay debts
Hot Liquid has filed for corporate insolvency.
Earlier this month the sailing school was banned from offering RYA courses in the UK, after the rescue of one of its yachts, Liquid Vortex, by the RNLI on January 3 – its third major safety incident in a year.
Liquid Vortex skipper Charlie Sturrock has since had his Yachtmaster certificate withdrawn for 12 weeks by the RYA and the MCA.
And now the company is unable to pay its debts. There are two types of corporate insolvency – cash flow insolvency, where the company does not have the cash to pay its debt and balance sheet insolvency, where the company’s assets are worth less than than the debt owed.