Air Australia!
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Interesting observations from J & M.
The "courier driver" will probably get away with whatever he has received despite his piss poor performance unless ofcourse, he has received a recent "bonus" which can be proven to "out of the ordinary" and a preferential payment. This in turn will depend on whether the "ANZ adviser" has enough cash in the kitty to fund this pursuit. Don't hold your breath.
If it does go down the path of insolvency and investigation just watch the rats run and hide, friendships will count for nothing and MJ will be left holding the bag.
The "courier driver" will probably get away with whatever he has received despite his piss poor performance unless ofcourse, he has received a recent "bonus" which can be proven to "out of the ordinary" and a preferential payment. This in turn will depend on whether the "ANZ adviser" has enough cash in the kitty to fund this pursuit. Don't hold your breath.
If it does go down the path of insolvency and investigation just watch the rats run and hide, friendships will count for nothing and MJ will be left holding the bag.
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EWL: I believe flying-spike is referring to IATA membership which requires a carrier to pass the IOSA audit, which AA/Strategic had not (despite several aborted attempts to do so.)
Flying-spike: As if IATA is going to turn money away!!!
Flying-spike: As if IATA is going to turn money away!!!
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Aviast
If VC was assigned an IATA number (471) and was operating through BSP which they indeed were the there was some form of compliance and/or acceptance of them into the fold.
IATA/BSP don't mess about as I found out 2 weeks ago. I was sure my bond was due 28 FEB but on 21 FEB I found out it was 20 FEB.
I am still in the the process of getting back the 95 Airline accreditations. Up to 55 now but that includes 3 new ones (that I needed) and I am over it.
IATA will cover anyone in Airline operations as they are never vunerable. They are a conduit between the client/Agent and the Airline. In no way are they financially vunerable as they are holding the cash funds for the Airline for up to 2 and a half weeks. The credit card funds are charged immediately by the Airline involved.
In the VC case there are probably millions of cash dollars sitting in IATA/BSP coffers, or most likely sunning themselves on the short term money market that were between us and the Airline. In the Ansett case, those dollars were eventually returned to Agents but then the 2 Marks went after them.
One must remember that SQ in the early days was assigned 618 as a "sorta" IATA member for a long time after splitting from the MSA alliance but IATA cleared their funds through Geneva or wherever the clearing house was then.
Spike
Aviast is right.
IATA make their dollars from the transit of dollars.
Grace L Ferguson Airlines and Storm Door Company incorporatyed in Walla Walla Washington would most likely get a guernsey with a couple of emails.
Best all
EWL
If VC was assigned an IATA number (471) and was operating through BSP which they indeed were the there was some form of compliance and/or acceptance of them into the fold.
IATA/BSP don't mess about as I found out 2 weeks ago. I was sure my bond was due 28 FEB but on 21 FEB I found out it was 20 FEB.
I am still in the the process of getting back the 95 Airline accreditations. Up to 55 now but that includes 3 new ones (that I needed) and I am over it.
IATA will cover anyone in Airline operations as they are never vunerable. They are a conduit between the client/Agent and the Airline. In no way are they financially vunerable as they are holding the cash funds for the Airline for up to 2 and a half weeks. The credit card funds are charged immediately by the Airline involved.
In the VC case there are probably millions of cash dollars sitting in IATA/BSP coffers, or most likely sunning themselves on the short term money market that were between us and the Airline. In the Ansett case, those dollars were eventually returned to Agents but then the 2 Marks went after them.
One must remember that SQ in the early days was assigned 618 as a "sorta" IATA member for a long time after splitting from the MSA alliance but IATA cleared their funds through Geneva or wherever the clearing house was then.
Spike
Aviast is right.
IATA make their dollars from the transit of dollars.
Grace L Ferguson Airlines and Storm Door Company incorporatyed in Walla Walla Washington would most likely get a guernsey with a couple of emails.
Best all
EWL
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No, AF, you don't understand! It was everyone else's fault, all those nasty other airlines, the Internet, the aviation commentators, the refuellers and travel agents and a myriad of others! Not my fault at all, and I know where we went wrong last time. I deserve another chance! And you know what? I bet, down the track somewhere, he does get another chance. And you and I already know what the outcome is likely to be.
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Some people should be made to wear a hat with a government health warning on it whenever they are out in public, something like: 'This man will probably rip you off.' 
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Of course he wants to start again. There is good money in aviation for some. Hmmm MJ went 'bust' did he? If that were the case he would be right now looking for a Job at McDonalds or as a traffic controller so he can feed his family now that they 'lost everything'! No, clowns like this always have a nice healthy stash of moolah squirreled away somewhere safely.
Grub.
Grub.
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Of course he wants to start again. There is good money in aviation for some. Hmmm MJ went 'bust' did he? If that were the case he would be right now looking for a Job at McDonalds or as a traffic controller so he can feed his family now that they 'lost everything'! No, clowns like this always have a nice healthy stash of moolah squirreled away somewhere safely.
Grub.
Grub.
Anyone who extends credit - be they a refueller, landlord, ticketing agent, aircraft lessor, anyone - is taking a risk that the company they are lending to will not pay them back. They have an obligation to perform their own due diligence and not cry "waah, poor me" when they've extended more credit than they could afford to a company that pretty obviously could never pay it back.
No one is alleging fraud or illegal conduct in the Air Australia collapse and on the face of it there hasn't been. Unethical perhaps, highly risky for sure, but that's not illegal and you shouldn't go to jail or lose your house for that.
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It's a pretty well-established tenet of capitalist economies that you must be free to start a business without risking your personal financial assets
Business owners & directors who are shield themselves from liability via these structures are free to take excessive risks because there is no risk to them personally. Directors of banks in Switzerland are personally liable for all their wealth, and operate in a more conservative manner than in other jurisdictions. Capitalism is about risk & reward. Remove the risk, and you no longer have capitalism. What we have now is a system of crony capitalism.
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Justice?
Woody
The AA employee's facing ruin may disagree with your "tenet of capitalist economies" statement.
Based on your previous posts you appear to have a legal background and I verily believe you are one of the cashed up exclusive brethren.
I welcome you to stand up at the creditors meeting March 23rd and repeat your sentiments.
The hearse and the pallbearers will wait outside.
The AA employee's facing ruin may disagree with your "tenet of capitalist economies" statement.
Based on your previous posts you appear to have a legal background and I verily believe you are one of the cashed up exclusive brethren.
I welcome you to stand up at the creditors meeting March 23rd and repeat your sentiments.
The hearse and the pallbearers will wait outside.
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No one is alleging fraud or illegal conduct in the Air Australia collapse and on the face of it there hasn't been.
I'm no lawyer, but you would have to be suspicious that there has been some conduct there that is illegal in relation to the corporations act - intentional or not. I believe ignorance of the law is not a viable defence. Whether it is pursued is of course another matter.
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Unethical perhaps, highly risky for sure, but that's not illegal
and you shouldn't go to jail or lose your house for that.
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How many have been done for trading insolvent in Aus recently???
Hard to get an insolvency conviction when one considers the number of companies that go under each year....
There has not been a large number of insolvent trading cases in Australia (our research revealed 103 cases in total). Although the insolvent trading provisions were introduced into companies legislation in
1 Insolvent Trading Research Report
1961, we were unable to find any cases from the 1960s. In the 1970s there were ten cases and in the 1980s there were sixteen cases. There was a rapid increase to 62 cases during the 1990s. However, the number of cases decided has since slowed, with only 15 cases decided since the end of the 1990s
1 Insolvent Trading Research Report
1961, we were unable to find any cases from the 1960s. In the 1970s there were ten cases and in the 1980s there were sixteen cases. There was a rapid increase to 62 cases during the 1990s. However, the number of cases decided has since slowed, with only 15 cases decided since the end of the 1990s
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The accc and asic are both toothless tigers and therefore nothing will happen and mj knows this. His arrogance is as big as his ego. The govt has no balls when it comes to this but the major creditors such as anz could take a stand if they want to spend some dollars. Will it happen? Hopefully