Sage advice indeed,
ruidoso y fuerte!
I only hope the ex SAW staff are listening and take your advice very seriously.
SkyAirWorld debts
COLLAPSED carrier SkyAirWorld owes creditors a whopping $40m, according to a report to be sent out today by the company’s administrators.
If those debts are valid and proven, it does not look good for staff and unsecured creditors.
To "sell" the AOC would require a Deed of Company Arrangement to relieve the AOC holding company of all debts, in order the company may be transferred with no liabilities. If that transaction resulted only in an additional dividend to
secured creditors, why would staff and unsecured creditors support the proposal -
unless those staff were guaranteed priority payment of entitlements?
Don't undervalue the price of a vote.........
Under the circumstances that secured creditor liabilities may exceed any proceeds from the liquidation of remaining asset, there is certainly merit and strong motivation in replacing the Director's appointed Administrator, with a creditors appointed Liquidator.
VelvetHammer. I'll go for strike 3: you're not suggesting the Administrator and/or creditors of the failed company should not exercise their right, or can not, or do not have the right to peruse any relationship between the failed company and any affiliated or associated companies are you?
