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ARTICLE · 05 NOVEMBER 2012

Why the long face? Did the liquidator seize your horse?

If a member of a racing syndicate becomes bankrupt, their share goes to a trustee in bankruptcy, who may sell the asset.

AustraliaInsolvency/Bankruptcy/Re-Structuring

An interesting story has come out of the Olympic showjumping, with the dual silver medal winning 10 year old Belgian stallion named London, being seized as part of ongoing bankruptcy proceedings, leaving his German rider Gerco Schroeder horseless.

Mr Schroeder is now faced with the uncertainty of whether he will be able to continue to ride the talented stallion or if he will have to find himself a new backer and a new mount.

Other horses owned by the European real estate company Stal Eurocommerce, the company director Mr Ger Visser and his son have also been seized in an attempt to secure company assets until such time as the financial issues of the company and the exact ownership of the horses can be determined.

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