From Leasing Life
News
Hitachi and Kaupthing in jet seizure battle
At a time when law firms are reporting a significant rise in corporate aircraft seizures,
it has emerged that Hitachi Capital and Kaupthing Singer & Friedlander are locked in a repossession battle over jets linked to Paul Crowther, a well known figure in the world of private jet chartering.
Hitachi Capital has seized two planes mortgaged by Crowther, an entrepreneur who formerly worked in the yacht chartering business before he set up a string of corporate jet chartering companies, several of which have entered administration over recent months.
The Hitachi mortgaged aircraft, a Cessna Citation II model 551 aircraft with registration G-LUXY and a Beech E90 with the registration number G-ORTH, were seized after Crowther missed rental payments on the two jets.
Austin Smith, the head of aviation at Hitachi Capital Business Finance, declined to comment.
Meanwhile, the future of another aircraft linked to Crowther, a Cessna 550 with registration G-SOVA, is believed to be uncertain. According to Companies House records, this jet is on mortgage from Kaupthing Singer & Friedlander and the owner is Mitre Aviation Ltd, a company owned by Crowther. Mitre’s parent, Maritime Atlantic Ltd, is linked to Maritime House, a business centre and large yachting marina based in Hove.
General Capital, the leasing and venture finance company, is a major creditor of PlaneChartering, one of Crowther’s companies currently in administration.
Crowther used PlaneChartering, which has operations at Biggin Hill Airport and also Cannes and is described as an aircraft operator and flight broker, to acquire a company called Club 328 in October 2007.
Club 328 was wound-up at Brighton County Court on July 11 2008 after a petition for this to happen was signed by around 30 creditors. The petition was brought by Club 328's former CEO, Elaine Young.
Crowther meanwhile faces a string of claims by people linked to his jet aircraft businesses, including entrepreneur Karl Watkin, who has lodged a claim against Crowther in the High Court in London.
A report on the state of the corporate jet finance sector is to be published in the October issue of Leasing Life
Brendan Malkin