UKIA
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Mr Cop
I fail to see how you can validate your claim that the company is still solvent with "millions" invested in the aircraft in the face of other statements here regarding non payment of salaries !!!
I fail to see how you can validate your claim that the company is still solvent with "millions" invested in the aircraft in the face of other statements here regarding non payment of salaries !!!
Join Date: Jan 2008
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Solvency - a definition.
Mister Shady,
Quite simply because it would appear that the assets of the company far exceed their liabilities.
Well I know that aint right and I agree that the creditors (including staffs) should paid back what they are owed, but if the Co owns more than it owes then it is solvent. Have a think 'bout it.
Now the trick is how to get the Co to pay everybody off an' lets start with the crews shall we?
Quite simply because it would appear that the assets of the company far exceed their liabilities.
Well I know that aint right and I agree that the creditors (including staffs) should paid back what they are owed, but if the Co owns more than it owes then it is solvent. Have a think 'bout it.
Now the trick is how to get the Co to pay everybody off an' lets start with the crews shall we?
Join Date: Jan 2004
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Here here Mirdif - but I think that the CAA were not totally clued in on many aspects of the situation because the top man manipulated and cajoled people so that no-one actually knew what was happening from day to day!!
Again I say that autonomy does not work in this industry and these guys should be watched VERY carefully if they think they want to have another 'shot' !!
......if they can find any crews stupid enough to fly for 'em !!!
Again I say that autonomy does not work in this industry and these guys should be watched VERY carefully if they think they want to have another 'shot' !!
......if they can find any crews stupid enough to fly for 'em !!!
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Limited Liability of companies
Problem you have Mr Cop is that UKIA is a Limited Company. In essence that means if the owners, of any limited company, decide to liquidate that company they have only a specific limited liability to repay debts.
Just as a postscript, having been on the receiving end of an insolvency my only interest is in the staff being paid for their work.
Just as a postscript, having been on the receiving end of an insolvency my only interest is in the staff being paid for their work.
Last edited by The Real Slim Shady; 1st Feb 2008 at 17:15.
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We are in agreement
Yes Mister Shady,
We are in agreement here as the priority should be for the staffs to be paid and it is tru what you are saying that the company has limited liability as they are the limited company.
But the thing is that the company seem to have much more funds than their debts so they cannot be forced to the insolvency routing, because they can still be claiming the solvency.
I am sure you agree that we are in agreement here.
Wishing you all the best, Mr Cop.
We are in agreement here as the priority should be for the staffs to be paid and it is tru what you are saying that the company has limited liability as they are the limited company.
But the thing is that the company seem to have much more funds than their debts so they cannot be forced to the insolvency routing, because they can still be claiming the solvency.
I am sure you agree that we are in agreement here.
Wishing you all the best, Mr Cop.
Join Date: Jan 2004
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Let's clarify a couple of points. UKIA do not own the aircraft and they will soon be repossessed. UKIA has not paid for maintenance, Eurocontrol, landing in Sharjah and Islamabad, maintenance on a second aircraft stranded in a maintenance facility in the Far East - let alone staff salaries, fuel, catering, spare parts - I could go on. Oh, and I almost forgot to mention a £4million bill for their spare engine shop visit costs, and arrears on lease payments.
The running total so far must be many millions so I would say that in all probability they are trading whilst insolvent.....
The running total so far must be many millions so I would say that in all probability they are trading whilst insolvent.....
Cool Mod
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Someone really needs to tackle this on behalf of you all. But.........sad but true the pecking order for any available money leaves employees absolutely at the end of the queue. But each claim should be lodged - and acknowledged. Try to find out who is dealing with the affairs of UKIA.
PPRuNe wishes you well.
AA&R mods.
PPRuNe wishes you well.
AA&R mods.
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I also read that a number of travel agents had put up deposits of £30K each for the "privilege" of selling tickets on UKIA scheduled services. When UKIA ceased operations on 24 December 2007, someone must have been sitting on the proceeds of all forward sales. I am unclear on what the law says about the handling of forward sales - does anyone know whether passengers were refunded??
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As a travel agent based in Birmingham, I can say that I have few passengers that are due refunds and have yet to receive them, these are under £1,500.00 in value.
One fairly large agent based in Bradford, has roughly £25,000 worth of refunds that they are waiting for, to forward back to customers.
One fairly large agent based in Bradford, has roughly £25,000 worth of refunds that they are waiting for, to forward back to customers.
Last edited by Kazamb; 3rd Feb 2008 at 10:06. Reason: grammatical error
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mr K is certain that the airline is still going to be relaunched asap, still has high expections of ukia, someone needs to explain to him that he is not going to find anyone that wants to work for him apart from the employee he has in the flat and the employee that is still working in the office for him!!!
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From another forum (courtesy DD):
Unidentified investors are carrying out due diligence on long-haul start-up UK International Airlines with a view to taking a stake in the carrier and restoring its services. UK International Airlines, which had been serving Islamabad and Sharjah from East Midlands Airport, suspended operations in December. The carrier had claimed it was stopping services in order to carry out improvements to enhance customer service. But a spokesman for the airline says the company is seeking to restructure and that investors are looking to take a stake in the airline, enabling it to resume services in early spring. "This funding will enable the airline to acquire long-range aircraft allowing it to serve the Indian subcontinent directly from the UK," he says. The carrier had been using a pair of Boeing 767-200s. UK International Airlines has not disclosed the identity of the prospective investors nor indicated how large a stake is being considered. But the spokesman says the company is "opening talks" with other parties to "expand its investor base further".
I don't know the original source of this or its issue date.
Unidentified investors are carrying out due diligence on long-haul start-up UK International Airlines with a view to taking a stake in the carrier and restoring its services. UK International Airlines, which had been serving Islamabad and Sharjah from East Midlands Airport, suspended operations in December. The carrier had claimed it was stopping services in order to carry out improvements to enhance customer service. But a spokesman for the airline says the company is seeking to restructure and that investors are looking to take a stake in the airline, enabling it to resume services in early spring. "This funding will enable the airline to acquire long-range aircraft allowing it to serve the Indian subcontinent directly from the UK," he says. The carrier had been using a pair of Boeing 767-200s. UK International Airlines has not disclosed the identity of the prospective investors nor indicated how large a stake is being considered. But the spokesman says the company is "opening talks" with other parties to "expand its investor base further".
I don't know the original source of this or its issue date.
Last edited by mikerawsonderby; 5th Feb 2008 at 19:18. Reason: removing random font conversion text
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Maybe the new investors are interested in cashing in on the recently announced open skies deal between the UK & Pakistan?
Good luck to all burned by UKIA. I hope everyone gets the cash they are owed.
LJ
Good luck to all burned by UKIA. I hope everyone gets the cash they are owed.
LJ
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Hopefully something positive will come of this, but something that I'm unsure about is the fact that another site is saying that UKIA will be operating again as of Feb 7th, well that didn't happen did it.
SAM-EMA
SAM-EMA
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Time has proved it wise the EMA was cautious about this airline. A distinct lack of public fanfair when they launched.
It is always regretable when an employer folds. It is very sad when a quality employer folds. UKIA was never a quality set up. While feeling sad for those who have been burned by this situation, it is good that the fire has been put out. May the individuals at the top of the former UKIA never rise from these business ashes!!!!!!
Let's be glad these muppets have gone, and here's hoping that those who worked there who wish to work for a quality air are successfully recruited.
It is always regretable when an employer folds. It is very sad when a quality employer folds. UKIA was never a quality set up. While feeling sad for those who have been burned by this situation, it is good that the fire has been put out. May the individuals at the top of the former UKIA never rise from these business ashes!!!!!!
Let's be glad these muppets have gone, and here's hoping that those who worked there who wish to work for a quality air are successfully recruited.
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Towerman;
Would you be able to indicate where i could find this information, doesnt seem to be anything available on any the London Gazette.
Could you indicated maybe which court issued the order? and any further information that may help.
Send me a PM if you feel this info is inappropriate for the forum
Would you be able to indicate where i could find this information, doesnt seem to be anything available on any the London Gazette.
Could you indicated maybe which court issued the order? and any further information that may help.
Send me a PM if you feel this info is inappropriate for the forum