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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 12th Jul 2019, 12:16
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Location: Sydney
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Is Schofields Flying Club Bankstown in financial trouble?.

I heard today SFC - Bankstown is under External Administration/Receivers Appointed today?.
Are they still operating?.
Should I get all my money out ASAP?
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Old 13th Jul 2019, 00:16
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Dumb question !!! If they are under administration as you maybe suggesting.. it's too late!
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Old 13th Jul 2019, 00:52
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What a load of rubbish! This is no doubt our old friends that got removed from the recent AGM trying to discredit the club. Just been down there, club is running on all cylinders. Be very careful, RichOfPeak, you are bordering on defamation!
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Old 13th Jul 2019, 01:00
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Anyway, didn't realise SFC was a bank - what money do you need to take out RichOfPeak??
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Old 13th Jul 2019, 01:15
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Actually itís a very dumb reply...🙄
External Administration is not liquidation.
If the doors are still open it could be a case of mismanagement and deposited funds may be Ďsafeí.
Being in Cairns I assume you are not a member of SFC and have not been to Bankstown yesterday or today and the question was addressed to those who may have more of an idea than you.
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Old 13th Jul 2019, 01:22
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Glad to hear the doors are still open. Hate to see another club in Australia go under.
By the way. A quick search has now covered any ‘defamation allegations’.
If the doors are still open everyone’s funds are probably still safe.
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Old 13th Jul 2019, 02:04
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Be very careful, RichOfPeak, you are bordering on defamation!
🤣🤣🤣🤣 id love to see that
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Old 13th Jul 2019, 02:52
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"SFC" apparently relates to Sydney Flight College, Sydney Flying Club and the parent company, Schofields Flying Club Limited, ACN 000 950 943?

Name: SCHOFIELDS FLYING CLUB LTD
ACN: 000 950 943
Previous state number: 14033144
Previous state of registration: New South Wales
Registration date: 16/12/1971
Next review date: 16/12/2019
Status: External Administration
Type: Australian Public Company, Limited By Guarantee
Locality of registered office: BANKSTOWN NSW 2200
Regulator: Australian Securities & Investments Commission

The Company is under External Administration. "External Administration" is a term which covers all types of insolvency arrangements. An External Administrator is also known as Voluntary Administrator, Liquidator or Receiver.

Uninformed speculation would be quite unhelpful.

If you are owed money from, or owe money to Schofields Flying Club Limited, you should contact the appointed Administrator.
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Old 13th Jul 2019, 03:08
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Uninformed speculation is quite unhelpful.

There is no administrator that has been appointed. The ASIC entry is a result of the entity that sold the Cirrus to the club trying to call on its PPSR securities on three assets the last board managed to allow them encumbrance on, though I hear there is a current legal dispute over this.

The club is more than healthy financially and is not closing anytime in the near or far future.

But please, those of you that are concerned, contact the appointed 'Administrator'.
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Old 13th Jul 2019, 03:32
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Sky Warrior: I guess the above extract = "Status: External Administration" closes your 'defamation' allegation...
Have a nice weekend. Safe Flying.
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Old 13th Jul 2019, 04:40
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However healthy the flying school may or may not be, payment in advance for flying training is very risky indeed and I doubt they are paying you an interest rate that makes that risk worthwhile. (A discount is worthless if you are an unsecured creditor should the worst case scenario happen). I would advise paying as you go along, wherever you are learning to fly and hoping for the best.

Last edited by Clare Prop; 13th Jul 2019 at 05:21.
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Old 13th Jul 2019, 10:59
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Seems to have been a poison chalice for a lot of schools, the FEE HELP money.
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Old 13th Jul 2019, 13:20
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Edit: Post removed as requested

Last edited by TruthSerum; 27th Jul 2019 at 12:32.
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Old 13th Jul 2019, 22:17
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If what youíve written above is true (and Iím sure we have no reason to believe itís not, because it sounds quite credible), then you should probably name this individual so we can all be aware in case we come across him. Or perhaps point to a website that may contain his name.
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Old 13th Jul 2019, 23:11
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SCHOFIELDS FLYING CLUB LTD (ACN: 000 950 943) is an Australian Public Company, Limited By Guarantee and registered under the provisions of the Corporations Act 2001. It's current legal status is that it is under External Administration. It is not a "club" defined by the Associations Incorporation Act 2009 (NSW).

The cause of External Administration may be due to issues of governance, liquidity, solvency or other matters which justify appointment of an independent Administrator. If you are transacting business with the entity it is prudent to be aware the Company has limited protection against claims and is being independently managed.

I have no idea or interest why the Company may be in External Administration and indeed, no connection with or vested interest in the Company, the flying training industry or aviation in NSW. If you have questions contact the Administrator.

"Why would he ask PPRuNe if SFC is in any sort of trouble?"
Please answer A or B:
A: He/she has a genuine interest in the financial welfare of fellow aviators?
B: He/she has a hidden agenda?

How often have I seen that question posted to PPRuNe over the last 20 years?

As usual, those that believe emphatically that PPRuNe posts represent 100% truth and fact, also tend to believe in fairies at the bottom of the garden.
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Old 14th Jul 2019, 01:05
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Originally Posted by Squawk7700 View Post
If what youíve written above is true (and Iím sure we have no reason to believe itís not, because it sounds quite credible), then you should probably name this individual so we can all be aware in case we come across him. Or perhaps point to a website that may contain his name.
Post removed as requested

Last edited by TruthSerum; 27th Jul 2019 at 12:32.
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Old 14th Jul 2019, 01:49
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Regardless of the apparent health of any school it's probably not wise to leave money with them for advance payment for training.
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Old 14th Jul 2019, 01:57
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Originally Posted by tail wheel View Post
The cause of External Administration may be due to issues of governance, liquidity, solvency or other matters which justify appointment of an independent Administrator. If you are transacting business with the entity it is prudent to be aware the Company has limited protection against claims and is being independently managed.
Tailwheel, the club/company is NOT being independently managed. Management and the board are the same. Itís 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.
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Old 14th Jul 2019, 02:12
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Or:

C: He/she thinks PPRuNe has members who are either students or members of SFC and therefore might know more than is (or was, till the TruthSerum post) publically available ....
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Old 14th Jul 2019, 03:51
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Or:
D: This is a rumour network
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