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Whilst commenting on the idea that it is bad banking practice to lend against security Professor Sir Roy Goode QC makes an interesting analogy with life on the ocean waves. In his 1984 article he notes, "a sensible yachtsman does not set sail in a leaky boat in the teeth of a gale warning, even if he is equipped with a life-jacket and a raft.” (Goode, RM. Is the Law too Favourable to Secured Creditors? [1983-84] 8 Canadian Business Law Journal 53). This takes us neatly to a mystery that has arisen due to a previous entry on this blog. The mystery relates to Sir Kenneth Cork's former yacht 'Rum Rum' (pictured), a craft in which I presume he spent many a happy hour bobbing up and down on the ocean waves.
Mr Paul Scott (pictured right with Rum Rum) responded to the 'Cork Dynasty' post observing, "I have the honour of being the owner of Rum Rum. The Anderson 22 sailing cruiser that Sir Kenneth and Blondie Hasler used to enjoy. Sir Kenneth bough her in 1979 and she was sold on in 1981, I believe. I would welcome any information relating to their time together." In response to a subsequent post by Melissa Cork, daughter of Sir Roger Cork, Mr Scott responded, "If you, Melissa, have no recollection of Sir Kenneth's yacht Rum Run then I guess this is the end of the road for this trail of enquiry."
Shipmates! We must try and assist the present owner and captain of Rum Rum and in so doing help uncover a little piece of insolvency related history. Do any of our readers have any information that may be of assistance to Mr Scott? The date of sale coincides with the final stages of the Cork Report. Perhaps Sir Kenneth was too busy to enjoy his hobby.
"This is the ultimate statement of where the law on IVAs is to be found in our great common law...