Yard in insolvency: what happens to the deposit
A French catamaran yard entered insolvency proceedings in early September. The case is small and the question behind it is large.
Boatyards NAMMERT Assekuradeur GmbH
On 2 September 2026 the yard Black Pepper Yachts in Nantes, France, opened insolvency proceedings. Fifteen employees, triggered according to the trade service Boat Industry by two large catamarans whose construction overran the 2024 costing considerably. The business continues during the proceedings, and offers for a takeover had to be submitted by 14 September.
Taken on its own that is one report among many. It becomes interesting through the question that is the same every time. What happens to money a buyer has already transferred when his boat is still in the shed?
The answer depends almost entirely on the contract. Three things decide it: whether deposits are secured by a bank guarantee, whether title to the part built hull passes with each instalment or only on handover, and in which country the contract was concluded. Anyone ordering a new build should have those three points settled before the first payment, not after.
The point is not French insolvency law. A British or German buyer faces the same three questions under a different statute. In each case it is the contract, not the local code, that decides the outcome.
What this means for owners
This is a question for the purchase contract, not for the boat itself. A deposit on a boat that does not yet exist is a commercial risk, and the place to deal with it is the agreement with the yard. Anyone ordering a new build should settle those three points before the first payment. We would rather say so in advance than explain it afterwards.
Our view as NAMMERT, not part of the news. Your own policy wording decides.
Where this comes from
The text is our own; the sources supplied the facts and figures, not the wording.
