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Is Schofields Flying Club Bankstown in financial trouble?.

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Is Schofields Flying Club Bankstown in financial trouble?.

Old 14th Jul 2019, 03:57
  #21 (permalink)  
 
Join Date: Jul 2019
Location: Sydney
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Originally Posted by RichOfPeak View Post
I heard today SFC - Bankstown is under External Administration/Receivers Appointed today?.
Are they still operating?.
Should I get all my money out ASAP?
Who are you?
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Old 14th Jul 2019, 04:32
  #22 (permalink)  
 
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Post whatever you want, but be mindful of this:

McCormick and CASA questions ę Assistance to the Aviation Industry
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Old 14th Jul 2019, 05:01
  #23 (permalink)  
pxs
 
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Being part of the SFC family I can second "truthserum"s post.

SFC is stable and in a good financial position, it is however unfortunately dealing with a rather unpleasant individual trying to destabilise and disrupt.

The dispute will play out, either way SFC is not going anywhere. Its doors are still open and Its still hands down one of the best organisations in the industry.

Lets just hope that when said person has finished their dirty tricks, they can move on and the SFC community don't have to deal with them again.
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Old 14th Jul 2019, 05:59
  #24 (permalink)  

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Tailwheel, the club/company is NOT being independently managed. Management and the board are the same. It’s business as usual and the company is more than solvent. It relates to three encumbered assets that are trying to be seized by a former director. This is currently the subject of a legal process. Please do not disseminate incorrect information.
Ooops, sorry Old Chap. I was only quoting the current Company status from the ASIC web site: https://connectonline.asic.gov.au/RegistrySearch/faces/landing/SearchRegisters.jspx?_adf.ctrl-state=9x6ts4a71_4

No offense to you, but I prefer to trust ASIC rather than an anonymous post on an aviation rumour web site. I don't recall ASIC ever being wrong but there is always a first time........

Perhaps you should give ASIC a tingle and let them know their Company records are incorrect?? Their number is: 1300 300 630
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Old 14th Jul 2019, 06:26
  #25 (permalink)  
 
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Originally Posted by Mosman View Post
Their website shows that they lost over $1 million in 2017 (sfcaero.com.au/wp-content/uploads/2019/06/SFC-2018-AGM-Pack) only just made a profit in 2018. Not sure how stable that makes them.
$1 million is not a lot of money in business "often" - more important is what was it spent on and was it wise expenditure?

Again profit is not always a good thing - what is the current interest rate?

For such a club some expensive investments might be a better option than money in the bank.
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Old 14th Jul 2019, 06:27
  #26 (permalink)  

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Or perhaps point to a website that may contain his name.
I'm lead to believe Squawk, that this alleged sHyster is somehow referenced in these web sites???

https://www.uniglobalunion.org/news/paragon-printing-workers-face-losing-over-9million-entitlements
https://globalinsolvency.com/headlines/paragon-staff-stood-down-despite-very-sound-business
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Old 14th Jul 2019, 06:30
  #27 (permalink)  
 
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Red face

Originally Posted by tail wheel View Post
Ooops, sorry Old Chap. I was only quoting the current Company status from the ASIC web site

No offense to you, but I prefer to trust ASIC rather than an anonymous post on an aviation rumour web site. I don't recall ASIC ever being wrong but there is always a first time........

Perhaps you should give ASIC a tingle and let them know their Company records are incorrect?? Their number is: 1300 300 630
Tailwheel, you claim that SFC is being independently managed. This is not true. Call the club and find out for yourself. The ASIC entry "External Admistration" relates to a receiver being appointed to manage the three aircraft that a former director managed to obtain security over for a future alleged debt that the club refuses to pay for and it is the subject of litigation. The receivers power stops at those three aircraft. It's a very broad term, and unfortunate for the club that people will deliberately or otherwise twist its meaning. The receivers do not have the power to manage the club as a whole. They attempted to seize the aircraft but were stopped by the legal process that was already underway. Perhaps you need to ring the receivers and get the story straight. Ring ASIC as well and find out what kind of 'Administration' the club is under. Read Corps Act 2001. Enough now for me adding fuel to this very sad fire, no more comments.
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Old 14th Jul 2019, 09:05
  #28 (permalink)  
 
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..... and thus the Australian Aviation industry tears itself to pieces.
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Old 14th Jul 2019, 09:11
  #29 (permalink)  
pxs
 
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Originally Posted by Mosman View Post



LOL. Havenít seen over $1 million in investment down at the club.

They lost $1 million because their expenses exceeded their revenue by $1 million. Mind you a quarter of that was salary to two people (according to their website.)

Good on the management and board of SFC for going on then next year and making a profit. They are also on track for another very positive year this year.
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Old 14th Jul 2019, 13:15
  #30 (permalink)  
 
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So ahh.. PPRuNe obtains IP addresses of everybody?
So you wanna play rough?
OK..
Say hello to my little friend..(Scarface; for the tards out there)
... a VPN!!!
Does this mean to say I can release some very embarrassing, hurtful information (that I have) without the fear of impunity?

Last edited by Superfly Slick Dick; 14th Jul 2019 at 13:28.
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Old 14th Jul 2019, 13:26
  #31 (permalink)  
 
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Originally Posted by Superfly Slick Dick View Post
So ahh.. PPRuNe obtains IP addresses of everybody?
You wanna play rough?
OK..
Say hello to my little friend.. a VPN!!!
Does this mean to say I can release some very embarrassing, hurtful information (that I have) without the fear of impunity?
Youíve been watching too many movies where the bad guy hides behind half a dozen VPNís and firewalls, whilst bouncing across satellites, eluding the FBI and CIA.

Thatís not real life. If you do something bad enough, you will be found!
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Old 14th Jul 2019, 23:06
  #32 (permalink)  

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Does this mean to say I can release some very embarrassing, hurtful information (that I have) without the fear of impunity?
You set your rules and we'll stay in the game. But there can only be one winner.........
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Old 14th Jul 2019, 23:19
  #33 (permalink)  
 
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Sorry, I feel I should clear something up..
I donít know anything about Schofield, or their current situation.
The question about use of VPN and PPRuNe was meant generally.. and nor do I have any intent of releasing damaging (etc) information.
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Old 15th Jul 2019, 00:20
  #34 (permalink)  
 
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What a load of rubbish that is, OP.

This was sent to stakeholders last night: i.imgur.com/BtadXtr.png
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Old 15th Jul 2019, 05:06
  #35 (permalink)  
 
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I heard a rumour but of my volition had a peek into some publically available information which naturally corroborates some of the above.

For those interested the recent AGM minutes seem quite a bit more exciting than one ordinarily sees. Director expelled and 30k in legal fees in a month! If you want his name click the link.

https://www.sfcaero.com.au/wp-conten...GM-Minutes.pdf


On a what I assume is a totally unrelated point, the clubs total Aircraft Assets last year jumped from $777k to $1365k. Iím no accountant but it seems steep.

The club owns some cherokees, a 152 and a Cirrus SR22T.

According to CASA their only acquisition in 2018 was a 2012 Cirrus SR22T, first registered in Australia (and to schofields) on the 19 July 2018.
No idea what those are worth but seem to be around $500-550k.


SR22T (s/n 0415) VH-DDP used to be registered as N663LF which was officially owned by a trustee having been bought in 2014. Fortunately for us the Cirrus warranty page shows the owners name.

Warranty Status Inquiry

No idea what if anything club members knew about transaction. The Ts and Cs for these deals can be interesting.
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Old 15th Jul 2019, 05:49
  #36 (permalink)  
 
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i'm member at the SFC. I believe that SFC is do ing a great job puting a couple of Cessna's online (172, 182). To quote Ghandi "I will not let anyone walk through my mind with their dirty feet." Things were better in the 50's - Make SFC great AGAIN
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Old 15th Jul 2019, 06:16
  #37 (permalink)  
 
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Note 9 of the "Notes to the Financial Statements for the Year Ended 31 December 2018" says
Transactions with Related Parties
In June 2018, a related company of a Director, Tornado Alley Aviation Pty Ltd, sold an aircraft for to the company for $790,000 based on the market value of the aircraft at the date of purchase.
The amount was financed by entering into a finance lease with a third party for $490,000, $100,000 of flying credits for the Director with the Company, and the remaining $200,000 paid in cash.
At balance date, personal security for the Director exists over three aircraft owned by the Company in relation to the cash payment amounts included in this arrangement.
...
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Old 15th Jul 2019, 16:30
  #38 (permalink)  
 
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It makes me suspicious that there is more to it when information like the AGM is removed from the website and no news denials are substituted.
It may be that there is no problem but the warning on ASICs site makes care sensible.
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Old 15th Jul 2019, 20:13
  #39 (permalink)  
 
Join Date: Jul 2019
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Originally Posted by harrryw View Post
It makes me suspicious that there is more to it when information like the AGM is removed from the website and no news denials are substituted.
It may be that there is no problem but the warning on ASICs site makes care sensible.
Couldnít help myself.....

or maybe Harryw that info is for members only, not info to be used on rumour networks. If youíre a member, you can easily obtain it. Iím a member, I have access to it.

BTW, there is no Ďwarningí on the ASIC site, and there are no denials substituted. I think most people on this forum have identified the root cause of all of this. Looks like our friend RichOfPeakís little adverse publicity stunt backfired.

Go Schofields, you will always have my support and good on you for standing up to people trying to destroy something enjoyed by many for their own selfish and greedy ends, even if it means enduring some of the rubbish thrown at you!
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Old 16th Jul 2019, 04:40
  #40 (permalink)  
 
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We went through something similar in the aero club I am a member a few years back, senior staff member was *asked* to leave, caused no end of disruption and legal cost. If the financials and business model are solid, the club will come out of it hopefully stronger, which we did. Much better run today and more profitable. Sometimes you just need to go through the pain to deal with the current issue knowing a sound business will remain strong.
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