Ferryways

Overview

Ferryways NV was a Belgian RoRo ferry operator. They commenced operations on the 5th January 2000 and operated roll-on roll-off (RO-RO) services to Immingham, Tilbury and Ipswich from Ostend. The company was the target of a takeover by two subsidiaries of Cobelfret (CLdN) on the 1st June 2007, however following financial issues the company ceased operations on the 14th June 2007 when they went into administration. Cobelfret (CLdN) commenced legal proceedings in Belgium against the sellers to recover the price paid for the Ferryways business, on the grounds that they fraudulently provided false information as to the financial circumstances of the company prior to the transaction. Cobelfret claimed that the liquidation of Ferryways was as a direct result of its financial position prior to the acquisition, and was not a consequence of any actions taken by Cobelfret following its acquisition.