Riza Tansu, the boat designer is sued to bankruptcy

United Arab Emirates citizen Mashwi Yased Bayat Al Qubaisi requested that the Tansu Marine Vehicles be decided to go bankrupt, stating that the boat was not delivered on time. Mashwi Yased Bayat Al Qubais said that despite his contract with the company, Suleyman Riza Tansu, for the construction of a 44-meter boat, it hasn’t been delivered. He went to the court, claiming back the amount 5,522,000 Euros he paid for the boat and 192,000 Euros penalty.

Abdullah Demirhan and Serkan Kaya, lawyers who applied to the Istanbul Anatolian 2nd Asliye Commercial Court on behalf of Mashwi Yased Bayat Al Qubaisi, showed the contract between the client and Tansu Deniz Araçları İmalat Sanayi ve Ticaret Limited Şirketi made on February 27, 2016 for a 44-meter boat named Orcha with a price of 7,500,000 Euros, which had a delivery date of November 1st, 2017 but that hasn’t been delivered as of to date.

The client has paid 5,522,000 Euros to the defendant company so far and only the skeleton part of the boat has been completed despite the payment of the majority of the money. The defendant has not completed the boat acting in bad faith and does not perform the contractural duty and does not return the price paid by the client.

The lawyers commented ‘’A previous petition to the court had been submitted and court had determined that 73 percent of the money has been paid only 13 percent of it is outstanding. Although the client paid 5,522,000 Euros, still 4,540,000 Euros worth of work is not done and is outstanding by the defendant. According to the contract, the boat had to be delivered 192 days ago, on 1 November 2017, but still it has not been delivered until today and the defendant must pay 1000 Euro penalty for each delayed day.’’

The petitioner argued that the defendant company was using economic money to pay for the making boats of belonging to others and pay up its previous debt. "In addition to the defendant's economic troubles, the cash and similar assets belonging to the company were transferred out to the foreign company owned by Süleyman Rıza Tansu. The defendant company's existing assets are also being reduced deliberately to the detriment of the buyer. All of these transactions diminish the possibility of the client getting back the boat or his money back.

CLİENT REQUEST SEIZURE OF ALL ASSETS OF THE COMPANY

With the petition, it was requested that the defendant company should not reduce its assets and that measures should be taken to secure the rights of the securities, real estates and receivables from third parties to the company.

Petition requets for a bankruptcy of the defendant company on the grounds that the passive asset is more than the active asset and the inability to pay its debts.

DHA