The company disputes insolvency, claiming it is restructuring to a model where owner-operators run vessels and share revenue, while acknowledging past dividend delays and highlighting over 2.7 million Australian dollars invested in maintenance and upgrades over five years.

Founder David Hows is under liquidator scrutiny for the collapse of OSE QLD Pty Ltd, with debts exceeding 565,000 Australian dollars and allegations of trading while insolvent since early 2022; around 875,332 Australian dollars in investor funds were transferred to LV2 Pty Ltd, triggering deeper investigations by the liquidator and ASIC.

Two yachts, Silver Fern and Te Kaihopara, were impounded in late 2024 over unpaid wages, with efforts underway to lift an arrest order for Silver Fern to compete in the Sydney Hobart Yacht Race; a third vessel, Awen, is also up for sale.

Investors, including Sydney couple Kelly McRae and Jonathan Plesman, report substantial dividend delays and losses, with the pair owed over 80,000 Australian dollars; another investor, Jason Haigh, former skipper of Silver Fern, seeks about 15,000 dollars, and is still owed roughly 10,000 for wages.

Several investors have lodged complaints with ASIC; Hows says he plans to pay all former crew by the end of January and reiterates the restructuring’s goal to salvage the business and prevent further losses.

Audited statements and investor documents describe a model where investors secure an interest in a yacht for up to 100,000 Australian dollars, receiving annual payments and sailing credits, with the initial investment intended to be refunded after five years, per a shareholder certificate.

Australian sailing venture Ocean Sailing Expeditions has left dozens of enthusiasts, crew, subcontractors, and overseas investors owed money after promising up to 20 percent annual returns and discounted voyages around Oceania.