ANZ chase money and personal guarantees not pro-ported "crime"...therefore MJ may face personal bankruptcy if they pursue guarantees to the very end. In many cases banks and other lenders don't go that far if there is nothing to get!

Quote:
How many have been done for trading insolvent in Aus recently???
Hundreds. Mostly small-time, inexperienced and out-of-their-depth directors of small Pty Ltd companies.

Yep...

You hit the nail on the head alloy.
Unfortunately if you get to close to the pulse or ruffle the feathers of the big guys then look out.
I always laugh at how pilots think they are professionals when in reality they are cowards protected by seniority. A totally divided workforce where your future is decided by your start date.
Unfortunately i am a victim of the system my command is now gone and not recoverable so im looking at working in the mines rather than be a Tiger F/O.

Tiger is looking for 15 DECs, Jetstar looking for DECs, Korean, Air China, Emirates, China Southern, China Airlines, Vietnam, Qatar, etc, etc, all looking for DECs. Possessing the correct attitude, a valid medical before flying and a past career that doesn't look like someone stepped in very fresh Great Dane poop helps.

Back to the thread.

KordaMentha's latest report is out and it aint pretty. The sole Director of the many companies has yet to supply a compliant report. Creditors will see nothing of the $90 million owed. KM have taken $400k to date of the $420k that was left and it appears that employee's may get a very small amount of their stolen $2 million in super and only about 1/3 of their $10 million in entitlements. KM is going back 6 months looking for preferential payments. With only $20k left in the kitty, KM have recommended that all of the companies be liquidated (except SEA).

The minute a company reaches the point where they are unable to pay their employee's super and full entitlements, they should be deemed insolvent. http://images.ibsrv.net/ibsrv/res/sr...ies/wbored.gif

The Corporations Act 2001 (Cth) (s95A[2]) defines a person (including a body corporate) which is not solvent as being insolvent. The enquiry which should be made under the section to ascertain whether a company is insolvent is as follows: Is the company able to pay all of its debts as and when they become due and payable?

To answer this question it may be necessary to consider the following:

• cash reserves expected to be available at the time when debts become due;
• adequacy of working capital/cash flow;
• available (and reliable) sources of funding;
• the company’s ability to borrow;
• times and dates for payment;
• reliability of promises which have been made by creditors to pay; and
• assets available for realisation and the value they will realise (and whether this would involve the company in a voidable transaction or preference).

So, in general, "the minute a company reaches the point where they are unable to pay their employee's super and full entitlements" when they beome due and payable, they possibly could be deemed insolvent.

Whether any action is taken against Directors for insolvent trading is another matter.

Rabbitwear. Must be a terrible job at tiger to want to dig holes in 40 degree heat in the middle of no where. Intereresting ....

MJ still living 'large' and set to take off with BestJet Travel
 

Failed Air Australia boss Michael James living the high life | News.com.au

Hefty photo in the front yard, he must be waiting for the new 'face' of BestJet Travel to deliver some low fat milk :)

Simple answer , its all about the money , job satisfaction has been eroded in all industries. So mining for me 200k or fo in tiger 100k. Or jq f/o in Drw 90k with massive overheads.
My only flying options are off shore.
Ithink Alloy was banned for lending his handle to an anonymous goof, but had some critical things to say about the moderators who banned him, these forums are a disgrace and freedom of speech is not welcome here.

Re your
'to want to dig holes in 40 degree heat in the middle of no where. Intereresting .... '

I don't think you really have an appreciation of what 'mining' can be these days,
You roll out of your self-contained full facilities a/c 'donga', walk to the a/c mess, get fed, get into the a/c bus to drive you to the job site, which may be quite some distance away, step into your a/c 'Haul Pack', and do the reverse at the end of the 12 hour shift...with 'meals on wheels' as the shift progresses ....
Whats not to like for your $$$$'s

:=:=

http://resources2.news.com.au/images...st-bulimba.jpg

Perhaps he should?

Tiger are paying north of 120k for FO currently, only thing is alot of AA tech crew left TGW for AA.

Jesus H Christ, bugger the laws on insolvent trading. They should invoke a law that anyone that looks like that should not be allowed to take off their shirt, and certainly not be allowed to parade around in public with shirt off.

:yuk::yuk::yuk::sad::sad::sad::{:{:{

apparently 8 or so pilots goin back to TT from AA..back to commuting but unless you want to commute to the sandpit or se asia tt is the quickest progression to a commnd in Aus.

JB where are you getting your pilot numbers going to Tiger from?

Usual source. The refueller...

It's officially all over

Air Australia creditors vote to wind-up company after it collapsed with $85m in debts | The Courier-Mail

You're dreaming to think that you will get $200k first year in the mines. At the last mine site i was working at there was only 4 people out of the 500 workers that earnt over $180k... (They were managers with 20 years experience).
The mining contract truck company my uncle owns pays his truck drivers $100k per year to do 14 12 hour days on, 9 days off. I know what i would rather be doing for $100k...

You are quite correct Pull up. I have a mate who is a tradie in the mines on around $130,000/ yr. Sounds good but once you do the sums it is an hourly rate of about $30. No better if as good as in any capital city job.
What pulls the wage up ofcourse is the penalty rates for the 12hr shifts and weekend work. eg after 8 hrs it is time and a half for the next 2 hours then double time. Saturdays are time and a half for the first 2 hrs then double time thereafter. Sundays double time all day etc. Public hols 2.5 times etc. That is why the mining companies have rolled it up into a salary as it saves them money.
Anyone could earn that kind of money if they do those hours. The problem ofcourse is that usually you have to go to out of the way places like the mines to get the opportuinty to get that amount of overtime,due to the skill/labour shortage out there.
Add in the top tax rate and lack of family time (if your married) and you wonder if it is really worth doing.

Yeah good on ya MilkMan. I reckon previous posters are right, you'd be one of those rocket surgons from the companies executive team who made all those great decisions that racked up the debt while fleecing the public, knowing that there was no way they were gunna get to use their tickets. Yeh, well done :D

Proud of the $85 Mil are we - Ticket holders and creditors get zip, staff lucky to get half, and by the sounds of it from the paper, those that did salary sacraficing - even less. Beat SkyAir World by a cuntry mile. Yeah, bloody well done mate. :D

Yeah great job mate..... QUEENSLANDER!!! I hear you cry.

Yet all you can to is dump on a guy I knew when he was here at tiger and for my money was one of the best operators I have had the pleasure to fly with. Not like some in AA from tiger. Great at talking the talk, but when trying to walk the walk they looked very bloddy average, stumbling all over the place, like a drunken barrel of rum.

So you reckon AA sacked him eh??? What would that have been for Milky? Wouldnt have been for telling a few fellas that the airline was crap and about to collapse would it?? Well if so, it looks like he was spot on!! He deserves a medal in my book. Pitty some of you p$icks didnt do the same!!

Meanwhile, Milky and co. keept their heads in the trough. Maybe if you and your mates put down your $100 bottles of wine and your designer beers and left the parties in Phuket and Hawaii to check how the business was going, he might not have been forced to warn his mates.

Anyway, from what those guys tell me he has the official resignation letter , so your way off with the sacking crap.

I reckon he would have done a better job than the fella the paper said was a former delivery driver.... Hey, hang on.... Delivery Driver.... Milk Man...... now I get it. You are one of them.

Or, hang on, maybe..... Milk...... Mammaries....... could it be - Gobbledock mentioned something about jugs...... could it be!!

Obviously you execs would be the ones with the time on your hands to start a new Pprune handle and mouth off as a probationary ppruner. All makes sense now.

Well done you p$icks. Why don't you crawl back into your holes and let my mates get on with their lives and try and recover from the antics of a total bloody fool, who should never be allowed anywhere near aviation again or business again.

Whats that old saying.... usesless as tits on a bull? Reckon we can change that now, just for avitaion stuff.... "useless as tits on MJ". :p

A different kind of air crash investigation...
 

Just asking.....did KordaMentha list one or two suspects' Frequent Flyer points ........
.................strange how there were an awful lot of P class status credits......and I hear a change to one or two FF profiles that predate the appointment of the administrator by half a heart beat .......along with the odd hefty xfer of points.

Meanwhile the former employees are lining up at Centrelink & those on the dodgy contracts are out in the cold.

Albo and his IASC have a lot to answer for given the route approvals issued to Strategic/AA in the 10 months prior. Actually throw in few delegated approvals to the JQ franchises while we're asking the question!

AT:E