From the administrators' statement

The Company was incorporated in 2005 for the purpose of owning a fishing vessel and fishing specifically for anchovies and pilchards off the South West coast of England. Funding for the vessel was obtained from the Royal Bank of Scotland pic (*RBS”).

During the initial trading period it became apparent that the net of the vessel was in poor condition and this resulted in time spent away from fishing, with work obtained in the oil industry on guard duty.

In 2009 the net was replaced with part of the funding provided by additional borrowing from RBS however this coincided with poor market conditions for the type of fish being caught. Following this, the Designated Member and Skipper of the vessel had difficulty in recruiting experienced workers to man the vessel and it last fished in September 2012. The vessel has been laid up since.

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Silver Star (Fraserburgh) LLP (SO300766)

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