New Zealand Yachts has gone into receivership. Caterpillar Financial New Zealand Ltd initiated the move after loans to the company went unpaid on November 1.

Caterpillar has appointed Paul Sills from Auckland law firm Hornabrook Macdonald as receiver and manager. Sills told the Northern Advocate that only one job was lost through the receivership and that the Whangarei facility would continue to trade without an infusion of cash.

“It is hoped the local marine industry will support the ongoing operation of the refit business as the company in receivership works to establish itself as a premier destination for refit or maintenance work in the South Pacific,” Sills said in a statement on Friday.

New Zealand Yachts was founded in 2001 by Allen Jones, with promises to create up to 1,000 jobs within five years and turn Whangarei into a “superyacht city”. The company only built one yacht before reinventing itself as a refit yard.

Jones has returned to a car-washing business he had established in the US. His son, Damon Jones, has been working as the company’s marketing and sales manager, with Martin Gleeson as general manager.

Sills said current management of the yard would continue with Gleeson reporting to him. He said the timeframe for recovery was unknown, but the company had contracts ahead for work.