reply to S. Daedulus
I agree with th first paragraph 99%
What's happened?
The school gave no indication it was in financial trouble. It took monies from students and ppl's knowing that. While taking also monies for xmas flying vouchers (some of which were to give young children their first taste of flying). What has happened to this money..... I bet the records for such sales unless paid by credit card are "lost".
I think this is a discraceful way to conduct business.
I have also heard that staff have been paid with bouncing cheques or remain unpaid.... again I ask what has happened to the money raised by the sale of gift vouchers at xmas.
It is a criminal offence to write cheques knowing that there are no funds to cover them. I hope it is also a criminal offence to solicit voucher and credit sales knowing they will not be honoured. I would urge all creditors to contact the police and take their advice in addition to any other action they may be considering.
I would suggest (but hope this is not the case) that there is no likelyhood of any creditor getting their full money back unless it is protected by a credit card agreement or similar.
The school are not in excellent shape at all and this is why trading has stopped. This is why nobody including myself wants to buy it.
In my opion the schools most valuable aircraft, at best would fetch £14,000.00 in a already depressed market. Please note that it remains at the maintainence agent with an estimated price tag for work carried out on it of £7,000.00. The sale would release £7,000.00 not enough even to repay 1 student who has foolishly paid in advance (not by credit card) for 100hrs flying. Of the eight students I know, they are owed combined £30,000.00, two of which have not paid by credit card.
I wonder which 1/3 of aircraft owned would cover this. "IT" is the one I describe above.
I think the person to whom i am replying has at least attended the Maggie and Peter school of business.
I do however have a lot of sympathy for them. I think i am not alone in suggesting that if they had indicated troubles on the horizon that a lot of the students of the school both past and present would have "rallied round". Perhaps even a share issue in the Ltd company.... after all people have shares in football teams and only a couple of these make profit.
I used to consider myself a personal friend of Maggie and Pete and I write this hoping I still am.
Derek Inverness and David Glasgow