MK demise

[charter man]

Here is a news report of the current state of affairs A TROUBLED airline at Filton owes over £70,000 to Bristol businesses and hundreds of thousands of pounds to staff, who have not been paid since February. (http://www.thisisbristol.co.uk/news/FIRMS-LEFT-THOUSANDS-POCKET/article-2342317-detail/article.html)
2 pence in the pound? I think it is an absolute disgrace that our so-called "regulators" and government departments allow this sort of situation to happen to any British (well British-registered) company, let alone an airline. Good riddance to them, and let all creditors learn a big lesson.

[doubleu-anker]

"You go to bed with dogs, you catch their fleas"!

[747Comet]

MK has left many many people very angry and p:mad::mad::mad:ed off. I cannot understand how it was allowed to get back in to this situation.

The three amigos have some answering to do.

[redavenger]

For Mr Krugeur is an honourable man............?

[Lambrettaman]

You go to bed with dogs, you catch their fleas" ?

I've been to bed with a few dogs in my time but never caught fleas:rolleyes: (maybe the odd rash !)

For Mr Krugeur is an honourable man............?

Is he ? By the way it's spelt Kruger (you obviously know him well) :ugh:

[altayaara]

Unbelievable such can happen in the United Kingdom. As one B747 remained parked at Ostend Airport in Belgium the whole winter, awaiting a C-check, two remaining B747 were ploughing through the mud to keep the airline alive, meanwhile the management used a private B727 for their personal transport.

High time to put " the pirates of Sussex" on St. Helena in the middle of the atlantic ocean. This is about the only place where they cannot harm the business anymore.

I feel sorry for all crews, staff and third parties being crooked by this gang.
Nobody deserves to get 2p for every invoiced pound sterling.

[Tony Mabelis]

On a lighter note, lets not get in a flap over the mans name.
Tony

[charter man]

All of those owed money by MK will be astonished to learn that Michael Howard - who handled the 2006-2009 CVA - was one of the finalists at the Insolvency & Rescue Awards 2009 (yes really) in the category Business Rescue of the Year >£51M Turnover see Insolvency & Rescue Awards (http://www.insolvencyandrescueawards.co.uk/winners/index.php)

Makes you wonder what you would have to do to lose at such an event?

[Lambrettaman]

Un-bloody believable ! He must be very proud :=

[747Comet]

There is an award for this...:ugh::mad:

[Klunk1010]

Next there will be an award for Most alleged debt obtained by a company since coming out of administration in the shortest time.

And

Smallest payout by a company to the most loyal staff in the longest time. :sad:

[747Comet]

and the winner is........:}

[CargoMatatu]

Oooh, a hundred and one airlines in the last few years.

Unfortunately, in today's industrial world, every employer goes for the least legal payout they can make - and many even push the definition of legal! :(

[747Comet]

too true Cargomatatu

[hydroplane]

Apparently he "MK Airlines Flight Crew Association" wasn't welcome at the latest June creditors meeting in London! There sollicitors were trown out, because not a real creditor to the company...
A provisional liquidators was appointed, for what reason?
Normally next Wednesday MK is on the Winding up list of the Companies Court. I wonder what the judge will come up with this time.

[Towerman]

Can anyone advise on the location of all aircraft and spare engines owned by MK? I know there are aircraft at Ostend and Kemble but not sure about Bristol, Manston or elsewhere. I heard that two are somewhere in Africa. What about the old parked DC8's? Also the VIP B727 that is owned by MK?
My interest is bona fide in that we have a professional role to play in evaluating the assets.

[Metro man]

My interest is bona fide in that we have a professional role to play in evaluating the assets.

Are you offering a reward for this information ? No doubt you are being paid for doing this so only fair those assisting you are fairly renumerated for their time and knowledge.

Whilst it's obviously in the creditors interest to have the assets found and used to pay MKs debts, in my experience company administrators know how to look after number one.:hmm:

[Hairbus]

Have to agree with you Metro Man. The administrators always line their own pockets first. Why should we do the dirty work for them:rolleyes:

[Wickerbill]

I don't think Towerman is an administrator or a surveyor / valuer working for the suits, are you?

There are more than one faction who want to know where the birds are.

[charter man]

Oh I don't know - look at the subjects of his previous posts......

[fflyingdog]

I am sure if people really wanted to know where the aircraft are scattered/parked it would be fairly easy,Nairobi springs to mind.

[hydroplane]

Does anyone know what happened with MK in the London Companies Court today? The judges (final?) verdict? or does the show goes on?

[Exup]

Last three operatioal aircraft were BA, EA & JA. EA & BA parked in Ost, JA was parked in NBO & was taken back by JT power not sure if it has left NBO or not.

[Dodo56]

While 2p in the £ may not be much it's not uncommon in liquidated companies, it just depends on how much debt their creditors have allowed them to run up relative to the value of the assets. Most companies run at a below-parity assets to debt ratio, which isn't a problem as long as you are generating cash to service those debts. If the cashflow stops, well, you know the rest.

There's a natural inclination among creditors not to foreclose on their debts knowing that could force their customer out of business, but than can run into increasing their exposure in the hope that the light may be at the end of the tunnel - until eventually it is revealed as an oncoming train. Ironically the willingness of MK staff to work on with wages owed added to the debt pile and hence reduced the payout available from the asset realisation.

[Alex Whittingham]

Off topic, but the UK CAA have said that any pilots that hold JAA ATPLs restricted to G reg aircraft only which would have been obtained by taking two exams and completing a skills test on type can have that restriction removed and a full JAA licence issued without any further exams or flight tests. I think this applies to many ex-MK pilots.

[Storminnorm]

Sorry to see another freight company go under.
Are there any left now?
Used to be my favourite job, working on old freighters.
Usually a lot less problems in the cabins than on pax A/C.

[Alex Whittingham]

Further to my last, the UK CAA have been forced to backtrack on this decision. They say another unnamed JAA state threatened to stop recognising all UK JAA licenses if they did this. Shame.

[Lamb Shank]

While I find MK's actions unforgivable, I also must stand by my previous posts predicting their demise. I find myself vindicated in my charges against MK. All of you who have lambasted me and my views can SUCK ON IT!

[Qfeel]

Very sad to see another freight carrier down the tubes.A lot of really great aviators that flew for the airline.Really great blokes.Lets hope that they all find greener pastures.