Royal QLD Aero Club in VA
Regarding The Australian Ownership. If an Australian Business cant compete in the International Marketplace due to external influences, it is somewhat beyond our Control. The important difference here is that we actually have GOVERNMENT Departments creating an Environment that destroys Australian Owned Businesses. Its truly absurd.
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@spinex - the benefits of local auto manufacturing are more then just financial.
The auto industry supporting 200,000 good permanent full-time jobs that are lost forever. Casual "service" jobs like being a "Barista" are quantified the same way as full-time career jobs, but don't have the same quality. It will cost more in social security for the people who lost their jobs when the auto industry was killed than what it cost to support the industry.
I'd also mention the engineering and technology benefits to the country. Something that can't be replaced.
The PM could have decreed that half of all government vehicle purchases must be for Australian built cars and that would have saved the industry simply and quickly.
Unfortunately Abbott and Hockey liked their European luxury cars and looked down their noses at locally built cars. I love my new Calais.
The auto industry supporting 200,000 good permanent full-time jobs that are lost forever. Casual "service" jobs like being a "Barista" are quantified the same way as full-time career jobs, but don't have the same quality. It will cost more in social security for the people who lost their jobs when the auto industry was killed than what it cost to support the industry.
I'd also mention the engineering and technology benefits to the country. Something that can't be replaced.
The PM could have decreed that half of all government vehicle purchases must be for Australian built cars and that would have saved the industry simply and quickly.
Unfortunately Abbott and Hockey liked their European luxury cars and looked down their noses at locally built cars. I love my new Calais.
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RQAC members only forum next Tuesday at 7.00pm at the Clubhouse to give an update on the Deed of Company Arrangement processes with the purchaser, discuss future service to members and a Q & A opportunity.
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The new owners don't pay the creditors, that is the job of the Company Administrator who for the record is Mr Nigel Markey of Pilot Partners, 1 Eagle Street, Brisbane Tel: 3023 1300.
I suggest anyone having concerns should contact the Administrators as they control things until they pass back control of the company to the new Directors/Owners
Some greedy creditors have made ambit claims and these have to be arbitrated by the Administrators. Until its all settled, payments will be held in abeyance.
Out of interest, when Ansett Airlines was liquidated in 2001(versus the VA in the case of RQAC) the staff had to wait a decade for their final tranche of payment from KordaMentha.
The process takes time as there are strict legal obligations on the part of Administrators. Reference Clive Palmer having a go at them over his Nickel Refinery in Townsville.
I suggest anyone having concerns should contact the Administrators as they control things until they pass back control of the company to the new Directors/Owners
Some greedy creditors have made ambit claims and these have to be arbitrated by the Administrators. Until its all settled, payments will be held in abeyance.
Out of interest, when Ansett Airlines was liquidated in 2001(versus the VA in the case of RQAC) the staff had to wait a decade for their final tranche of payment from KordaMentha.
The process takes time as there are strict legal obligations on the part of Administrators. Reference Clive Palmer having a go at them over his Nickel Refinery in Townsville.
Chance I know that, whatever. The new owners do in fact pay as they bought the DOCA from the Administrators who disperse the funds. Employees are preferred creditors ahead of the companies who put in stupid claims ( eg Griffith University). Employee claims are simple to verify so they SHOULD have be paid quickly. Makes you want to drive past and throw bricks through the windows.
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Zanthrus: Desist from your emotions to throw bricks. Not very rational.
I tried to explain the process. Yes it is painful and slow because of ambit creditors : not limited to just GU -a maintenance organisation that has done well out of RQAC for a while is also involved.
Unless these things are arbitrated, the preferred creditors will get less in the $ for their entitlements - and that is not smart.
Cessna Jock; Dad's Army is still the RQAC Board unless liquidated by the new owners of ATAE/AAA. They (the Dad's Army Board)will have no place in the future trading decisions as RQAC (the club) is an indulgence of the new Chinese Owners and irrelevant to the future intent.
If you all have any RQAC clout or interest, front tomorrow night in the clubhouse at 7.00pm to learn more.
I tried to explain the process. Yes it is painful and slow because of ambit creditors : not limited to just GU -a maintenance organisation that has done well out of RQAC for a while is also involved.
Unless these things are arbitrated, the preferred creditors will get less in the $ for their entitlements - and that is not smart.
Cessna Jock; Dad's Army is still the RQAC Board unless liquidated by the new owners of ATAE/AAA. They (the Dad's Army Board)will have no place in the future trading decisions as RQAC (the club) is an indulgence of the new Chinese Owners and irrelevant to the future intent.
If you all have any RQAC clout or interest, front tomorrow night in the clubhouse at 7.00pm to learn more.
Chance I know. I said I felt like throwing bricks. Quite a different thing to actually do it.
And the maintenance organisation you refer to is RAPAIR. Why are you scared of speaking plainly? I am not. RAPAIR are responsible for there own incompetence in managing their debtors. Serves them right to some degree.
GU is making it worse by claiming ridiculous amounts for loss of future earnings as a result of the cessation of trading. Completely unfounded and unjustified. They have not incurred these costs.
Employees are the victims here. Banks, RAPAIR, GU etc will live on. PEOPLE need to get paid their entitlements. I don't give a F#ck about whether Pilot Partners (Administrator) are following the **** house law. My point is it is unfair, unjust and immoral not to pay terminated employees immediately.
And the maintenance organisation you refer to is RAPAIR. Why are you scared of speaking plainly? I am not. RAPAIR are responsible for there own incompetence in managing their debtors. Serves them right to some degree.
GU is making it worse by claiming ridiculous amounts for loss of future earnings as a result of the cessation of trading. Completely unfounded and unjustified. They have not incurred these costs.
Employees are the victims here. Banks, RAPAIR, GU etc will live on. PEOPLE need to get paid their entitlements. I don't give a F#ck about whether Pilot Partners (Administrator) are following the **** house law. My point is it is unfair, unjust and immoral not to pay terminated employees immediately.
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Preferred creditors such as employees will be paid first - when the funds are there via the DOCA with the new owners or if the DOCA falls over out of the liquidated assets, and that will not be a fast process.
RAPAIR like everyone else was caught unawares I would suggest - nothing to do with their debt management as payment up to the point of cessation of trading was within credit terms.
The GU Aviation program is on the road to nowhere. USQ are ready to pounce and already have snatched GU staffers.
People wanting a full time aviation career are now working out what a waste of time it is to bother with the GUs of the world. Most aviation uni programs are finding it difficult to sustain numbers now that Vet Fee Help has provided a choice.
I disagree with the implication that "employees" are the victims here. Everybody involved is a victim - all the creditors ,club members and students.
Its just a shame that the Board and the most senior manager were so manifestly incompetent that a 96 year old company has been run into the ground while the rest of the staff and students were seemingly oblivious to what was happening. A number of the keen observers of the club who could see it coming - it was just a matter of when it occurred when the big drink from the trough caused it to run dry! Too many snouts going for it.
RAPAIR like everyone else was caught unawares I would suggest - nothing to do with their debt management as payment up to the point of cessation of trading was within credit terms.
The GU Aviation program is on the road to nowhere. USQ are ready to pounce and already have snatched GU staffers.
People wanting a full time aviation career are now working out what a waste of time it is to bother with the GUs of the world. Most aviation uni programs are finding it difficult to sustain numbers now that Vet Fee Help has provided a choice.
I disagree with the implication that "employees" are the victims here. Everybody involved is a victim - all the creditors ,club members and students.
Its just a shame that the Board and the most senior manager were so manifestly incompetent that a 96 year old company has been run into the ground while the rest of the staff and students were seemingly oblivious to what was happening. A number of the keen observers of the club who could see it coming - it was just a matter of when it occurred when the big drink from the trough caused it to run dry! Too many snouts going for it.
Chance, I agree with almost everything in your last post. Let me rephrase that I think employees are the victims that are suffering the worst. Senior management (General Manager, Chief Financial Officer, Marketing Manager, Operations Manager) are the culprits here, they obviously couldn't run a piss up in a brewery! The sad thing is they will probably all get re hired to other companies on big salaries while the rank and file ex employees struggle with unemployment or sporadic part time work.
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The Deed of Company Arrangement and a separate Sale and Purchasing Agreement was signed in the last week of May.
Time frame is somewhere between 3 and 6 months to complete the DOCA
Purchaser is called Australian Aviation Academy PL
The Administrators have established a fund to accept payment and disburse funds to creditors
The name RQAC and the club memorabilia are not part of the deal.
AAA and ATAE have new Directors (do an ASIC search)
RQAC will revert to the current Directors when the DOCA is completed
The seller (RQAC) or really the Administrators have to transfer leases and all approval to the new company,e.g, RTO, CRICOS, VET FEE HELP, AOC and CASA Approvals, and all existing contracts et al .
4 Key Employees currently still around to hold the fort
The new company will provide "Club Services" like currently exist for 3 years as a service to the current membership.
RQAC is restrained during those 3 years from carrying out the sort of services it currently operates within 50 km of Brisbane and Toowoomba .
RQAC has to surrender its 96 year old AOC (older than Qantas)
The new company can recommence trading prior to the DOCA being finalised if it wishes to do so.
Probably lots more but that is what I have gleaned from a few of the members who attended - so bear in mind its not direct evidence in the legal sense but second hand.
Time frame is somewhere between 3 and 6 months to complete the DOCA
Purchaser is called Australian Aviation Academy PL
The Administrators have established a fund to accept payment and disburse funds to creditors
The name RQAC and the club memorabilia are not part of the deal.
AAA and ATAE have new Directors (do an ASIC search)
RQAC will revert to the current Directors when the DOCA is completed
The seller (RQAC) or really the Administrators have to transfer leases and all approval to the new company,e.g, RTO, CRICOS, VET FEE HELP, AOC and CASA Approvals, and all existing contracts et al .
4 Key Employees currently still around to hold the fort
The new company will provide "Club Services" like currently exist for 3 years as a service to the current membership.
RQAC is restrained during those 3 years from carrying out the sort of services it currently operates within 50 km of Brisbane and Toowoomba .
RQAC has to surrender its 96 year old AOC (older than Qantas)
The new company can recommence trading prior to the DOCA being finalised if it wishes to do so.
Probably lots more but that is what I have gleaned from a few of the members who attended - so bear in mind its not direct evidence in the legal sense but second hand.
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Shame indeed.
The DOCA is Plan A - the preferred Creditors get their money and the unsecured maybe 50%.
Plan B - Liquidation - Preferred Creditors maybe 50%, unsecured zero.
So as hard as it is for many to swallow about what was RQAC - Plan A is the best deal.
Maybe after 3 years something of RQAC can emerge????
Lets hope those would should be accountable for what has happened will no hang around like a bad smell.
The DOCA is Plan A - the preferred Creditors get their money and the unsecured maybe 50%.
Plan B - Liquidation - Preferred Creditors maybe 50%, unsecured zero.
So as hard as it is for many to swallow about what was RQAC - Plan A is the best deal.
Maybe after 3 years something of RQAC can emerge????
Lets hope those would should be accountable for what has happened will no hang around like a bad smell.
"Lets hope those would should be accountable for what has happened will no hang around like a bad smell."
Wish their entitlements could be confiscated and allocated to the rank and file ex employees. It probably adds up to a tidy sum when you add up salaries of the GM CFO OM MM etc
These people are responsible for this mess, they should pay for it!
Wish their entitlements could be confiscated and allocated to the rank and file ex employees. It probably adds up to a tidy sum when you add up salaries of the GM CFO OM MM etc
These people are responsible for this mess, they should pay for it!