Aircraft auction

[skeptic36]

Major Aviation Sale - Multiple Aircraft & Equipment

[Robbo]

Yikes $60,000 for a navajo !!!!

 

 

[Marty_d]

Lot of other good stuff there.

 

 

[old man emu]

Who went belly up? The stuff is located in Emerald, Qld

 

 

[Robbo]

The Navajo is registered to Brisbane aircraft sales I think.

 

 

[Marty_d]

Who went belly up? The stuff is located in Emerald, Qld

Under instructions from

Cameron Crichton and Michael McCann of Grant Thornton

 

In the matter of

 

Advance Aviation Group Pty Ltd (In Liquidation)

 

 

[Robbo]

Under instructions fromCameron Crichton and Michael McCann of Grant Thornton

In the matter of

 

Advance Aviation Group Pty Ltd (In Liquidation)

Jeez they went under 3 years ago.

Weird thing is they were posting on facebook up until last year.

 

 

[Robbo]

Central Queensland Plane Spotting: Emerald Airport Based Advance Aviation Group Placed in Administration - Aircraft Grounded - Jobs Lost

[fly_tornado]

Trading whilst in administration?

 

 

[Robbo]

Trading whilst in administration?

There allowed, look at Dick Smith Electronics. But looks like they couldent save it.

When a business goes bust

 

The company is still trading

 

During a period of external administration companies often continue trading under the control of the external administrator.

 

If the external administrator has announced that the company will honour specific offers or transactions – such as gift cards or lay-bys – you should follow the directions given by the administrator.

 

 

[onetrack]

There's a major difference between Administration and Liquidation.

 

When a company gets into financial trouble and can't pay its debts, it appoints a Receiver/Manager.

 

Sometimes a Receiver/Manager is appointed by the company management themselves (best way) - in other cases, the R/M is appointed by a court order, by angry creditors who aren't getting paid (worst way).

 

Once a R/M is appointed, they take control of all the companies assets and operations, and determine the best outcome for the company, and its creditors.

 

Creditors meeting are held fairly promptly, and creditors vote on the options produced by the R/M. Many times, major sales offers for the company or its assets are produced by the R/M at the creditor meeting/s.

 

An R/M has extensive powers, they can continue trading, they can sell whatever they think is unnecessary, they can re-organise the company structure, they can sell the company as a going concern, or sell parts of it, or subsidiaries, or they can liquidate the entire operation.

 

If the company looks salvageable, the R/M continues trading whilst unnecessary assets are sold, finance arrangements re-worked, and creditor repayment structures put in place.

 

Once the company is regarded as being solvent again, the R/M hands back control of the company to the owners/management. This is relatively rare, most companies are basket cases by the time R/M's are appointed.

 

If an R/M is appointed and he examines the company position, and finds it is a basket case, then it is liquidated. Liquidation is carried out promptly to enable creditors to get what little they can.

 

There are secured creditors and unsecured creditors. Secured creditors are creditors who have some form of hold on one or more of the company assets, as security for their debt.

 

Unsecured creditors are those poor buggers who have carried out work for, or supplied goods to the company, with no guarantee of payment. The secured creditors get paid out first, the unsecured creditors get the crumbs.

 

Naturally, banks and finance houses are always secured creditors, they are "first ranking" in the payout, and rarely miss out on getting all or most of their money back.

 

The secured creditors generally get the most votes at a creditors meeting, the vote value is often the dollar value of their debt - so the unsecured creditors generally have little vote value in a creditors meeting.

 

There's an interesting Supreme Court law judgement in place today, as regards liquidations, and the ranking of debt payout.

 

This law judgement was determined by a business associate who went all the way to the Supreme Court to right what he saw as a wrong.

 

Bruce was an unsecured creditor of a company that was placed into liquidation in the early 1990's.

 

The company had a major shortfall in funds, along with a secured bank debt, that was going to see their bank get paid out in full, and the creditors were going to get about 5c in the dollar.

 

Bruce got angry about what he saw as a major wrong, in that the bank kept advancing funds to the company, knowing they were in serious financial trouble.

 

He took his fight all the way to the top (it took him NINE years), claiming that the bank had no right to be a secured creditor, as it had advanced money to the company, knowing full well it was already insolvent.

 

The judges agreed and the bank was relegated to unsecured creditor status, and it had to share the available funds from the liquidation, evenly with the other unsecured creditors.

 

Bruce ended up with a substantially-increased dividend from the company liquidation, and the bank lost a swag of money.

 

Of course, the bank would have already made allowance for the loss, they set aside hundreds of millions every year as loss allowances, and it makes no difference to their bottom line.

 

 

[facthunter]

Safe as money in the bank has no truth in it today. We need to rethink the way this is done, especially as we appear to be heading for a "cashless" economy, whether you like it or not. Nev

 

 

[ben87r]

Safe as money in the bank has no truth in it today. We need to rethink the way this is done, especially as we appear to be heading for a "cashless" economy, whether you like it or not. Nev

Gold nev, holds it value better than cash but is as solid as.