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.
