AusJet Aviation/Australasian Jet in liquidation
Choppa - I have the same issue as you do with that. Every flight I do as a Flight Examiner I have to occupy a control seat if there is one available. On the Renmark accident SG should have been in the front row.
Oh well, getting back to Australasian Jet Pty Ltd ACN 051 843 586, now under External Administration .. This is a member's (ie., shareholder's) Voluntary winding up, meaning that the process has been initiated by the directors of the company consequent to a resolution of the shareholders (there are several Ausjet companies in the pot) and the Administrator is selected and paid by the directors.
This is different to a Creditor's winding up, where the creditor's initiate and oversee the process and pay and direct the Administrator and eventual Liquidator.
It's a big difference. Normally the creditors, if they are professional business people, ie., those who go out of their way to pay for their own accounting and legal advice on everything they do before they do it, vote out the director's appointed Administrator at the 'first meeting' so as to take control of the process to prevent any funny business. That meeting was on Friday - anyone know how it went ?
Also, who is/was Vincent M Rizzo ? He was a 50% owner of the principle Auset trading company (ie., he owned half of 'Ausjet') back in '06 when I was looking deep into it, and no one seemed to know anything about him. He comes up as a current era Melbourne accountant.
Flying Bear, re your post above. CAR 219 provides a structure which when used would overcome the mess to which you allude. CASA however seems to regard CAR 219 as invisible.
This is different to a Creditor's winding up, where the creditor's initiate and oversee the process and pay and direct the Administrator and eventual Liquidator.
It's a big difference. Normally the creditors, if they are professional business people, ie., those who go out of their way to pay for their own accounting and legal advice on everything they do before they do it, vote out the director's appointed Administrator at the 'first meeting' so as to take control of the process to prevent any funny business. That meeting was on Friday - anyone know how it went ?
Also, who is/was Vincent M Rizzo ? He was a 50% owner of the principle Auset trading company (ie., he owned half of 'Ausjet') back in '06 when I was looking deep into it, and no one seemed to know anything about him. He comes up as a current era Melbourne accountant.
Flying Bear, re your post above. CAR 219 provides a structure which when used would overcome the mess to which you allude. CASA however seems to regard CAR 219 as invisible.
Last edited by The Wawa Zone; 16th Dec 2018 at 02:05.
Join Date: Sep 2018
Location: Melbourne
Posts: 2
Likes: 0
Received 0 Likes
on
0 Posts
I hope you guys stay liquid for the sake of the innocent, the employees the ones that actually make up a Co!
I used to work for AJ back in the 90's, in the heady days of Govt work & plenty of charter but I could see the joint was being lead down the garden path by the owners son:-(
I used to work for AJ back in the 90's, in the heady days of Govt work & plenty of charter but I could see the joint was being lead down the garden path by the owners son:-(
Join Date: Jan 2013
Location: North South
Posts: 65
Likes: 0
Received 0 Likes
on
0 Posts
It’s hard to believe that this company will ever rise again. The new ceo claims that the previous management was no good but any new ceo can say that about the old ceo.
Join Date: Sep 2018
Location: Melbourne
Posts: 2
Likes: 0
Received 0 Likes
on
0 Posts
If you knew the previous management then you might understand a little more. The business was bound to collapse, Only so much can be drained out of the business in lean times, the 'tap' has been wide open for many years!
Got this today for those interested.Subject: Ausjet Group - Update on sale process
Australasian Jet Pty. Ltd. ACN 051 843 586
Ausjet Helicopters Pty Ltd ACN 152 093 000
Ausjet Aviation Group Pty Ltd ACN 162 821 909
The Experiences Group Ltd ACN 139 054 998
(Administrators Appointed) (the Group)
Dear Sir / Madam
Thank you for your registering your interest to acquire assets of the Ausjet Group.
Further to our previous updates, we can now advise the Group has successfully completed a refinance on 21 January 2019, and as a result, MF and MF were retired as Receivers and Managers on this date. Consequently, the assets are no longer for sale.
So that basically closes the door on the issue...…. question now is who is the new partner/funder?
Australasian Jet Pty. Ltd. ACN 051 843 586
Ausjet Helicopters Pty Ltd ACN 152 093 000
Ausjet Aviation Group Pty Ltd ACN 162 821 909
The Experiences Group Ltd ACN 139 054 998
(Administrators Appointed) (the Group)
Dear Sir / Madam
Thank you for your registering your interest to acquire assets of the Ausjet Group.
Further to our previous updates, we can now advise the Group has successfully completed a refinance on 21 January 2019, and as a result, MF and MF were retired as Receivers and Managers on this date. Consequently, the assets are no longer for sale.
So that basically closes the door on the issue...…. question now is who is the new partner/funder?
The fatigue rules, in my case App6, mean that I have basically lost 10% of trading days per year on top of lost days from weather or waiting for parts and those days I do work have to be much more intense...then still have to cancel all lessons and Grade 3 supervision if I run up against that 7th day in the last 28. Nothing but arbitrary numbers that were designed for operators with lots of staff and regular rosters, not a small, seasonal 141 operation.
I've seen so many flying schools that have upgraded to new kit go to the wall while those of us with old hardware that we own and that have paid for themselves many times over are still around. There isn't enough fat to take on massive amounts of finance for new aircraft especially when you are getting quite long in the tooth and not enough working years left in us to be able to pay them off..and not much of a resale market, either.
Every time someone goes under owing money all over the place the suppliers have to recoup their losses from the remaining customers. Yet still we have people thinking it is clever to start price wars.
So we have to muddle on in our relics as best we can.
I've seen so many flying schools that have upgraded to new kit go to the wall while those of us with old hardware that we own and that have paid for themselves many times over are still around. There isn't enough fat to take on massive amounts of finance for new aircraft especially when you are getting quite long in the tooth and not enough working years left in us to be able to pay them off..and not much of a resale market, either.
Every time someone goes under owing money all over the place the suppliers have to recoup their losses from the remaining customers. Yet still we have people thinking it is clever to start price wars.
So we have to muddle on in our relics as best we can.
Join Date: Jan 2012
Location: Perth Australia
Age: 62
Posts: 1
Likes: 0
Received 0 Likes
on
0 Posts
Looks like we wont see refunds,
Join Date: Nov 1999
Posts: 187
Likes: 0
Received 0 Likes
on
0 Posts
So you want to inflict more damage so you definitely don't get paid. While I sympathise, I'm not sure your approach will achieve exactly what you appear to want.
If you want to spend some money to see the compulsory reports lodged by various parties, try https://connectonline.asic.gov.au/Re...e=o5bnintmk_40
Join Date: May 2019
Location: australia
Posts: 3
Likes: 0
Received 0 Likes
on
0 Posts
If you have a read of the administrator's report from the first time Ausjet went into receivership, by PwC, you would see all the "uncommercial director transactions" and the like. This isn't a sad day for GA. This is a sad day for the employees who lost the 6 quarters of their unpaid superannuation and all their hard earned entitlements so the director could snort all the company money. This company had every chance to thrive in the GA space. If anything, it is a happy day because it shows us that completely incompetent and criminal directors will lose everything eventually, as they should. We should continue to hope this happens for any other crooks running companies in GA, for which I'm sure there are many.
