Charter Broker In Liquidation

[Manard61]

I noticed that another charter broker has gone into Liquidation, Cloud9 International Limited and they have set up a new company, Cloud9 Private Jets Limited - perhaps this proves that block hour membership just doesn't work!

How exactly does that work for their debtors - are they still liable under the new company? Or is it just a case of steering cleer or making sure payment is received well in advance?

[No RYR for me]

perhaps this proves that block hour membership just doesn't work!
Ehh yes for brokers.... For large operators it does work and works well. But why would anybody pre pay an empty shell (i.e. a broker) to let him or her buy capacity on the spotmarket when you need the plane..

So if you need guaranteed availabilty of a pre agreed quality at a pre agreed price you go to either Vista or NetJets. If you need a flight on the spotmarket you go to a broker and get a lower price but have to wait and see what you will get. :8

[Phil Brockwell]

It's good to see that the company has continued in whatever form it is now, I would assume that, as the brand / website contacts have been taken over by the new company that money has changed hands and the creditors interests are being looked after.

If however no money has changed hands and that the "goodwill" has been taken without payment then I guess the creditors are going to easily be able to claim "pre-pack" and retreive moneys from the new company who is using the assets of the now defunct company gratis.

One for the lawyers that one.

PB

[Phil Brockwell]

Happy to say, I have confirmation from one of the Directors of the new Cloud 9 that they will honour the debts of Cloud 9 international.

Damn my suspicious mind!

PB

[hawker750]

Phil
Think about it. If a company honours all it debts to its creditors, there is no need to go into liquidation as you just put that money into the old company to re-capitalise it. Indeed it would be stupid to start again as in those circumstances one would loose those lovely tax losses to offset against future profits. There is only one reason for liquidating a company and starting another in the same business, with a similar name, same direcors, same staff, same telephone number but that reason escapes me for the moment .......

[Phil Brockwell]

Hawker -

I must admit it made no sense to a simple man such as myself, but a comitment in writing from an officer of the new company to pay me and everyone else is good news for everyone isn't it?

PB