Bonza has appointed a voluntary administrator to run the discount regional airline after the company behind its aircraft provider repossessed its planes in Australia leaving thousands of passengers stranded on Tuesday. Planes registered to Bonza remain grounded at the Sunshine Coast, Melbourne and the Gold Coast after a former investment partner of the discount airline’s…
Bonza’s aircraft have been seized by AIP Capital, an investment house owned by the parent of 777 Partners, ACAP, to recoup money owed to investors, sources close to the matter said. 777 Partners originally bought the aircraft and issued long-term leases to Bonza during COVID-19. AIP confirmed the aircraft had been transferred to a new…
Budget airline Bonza has entered voluntary administration after it left hundreds of travellers stranded at major airports across the country. On Tuesday morning, Bonza passengers departing the Sunshine Coast, Gold Coast, Melbourne and Avalon arrived to find their flights cancelled. Bonza CEO Tim Jordan said the move was “temporary” and discussions were “underway regarding the…
Reporting by Kirra Grimes Sunshine Coast airport has 33 Bonza departing flights and 33 incoming flights scheduled for the next seven days. Flights scheduled for tomorrow include departures to Townsville, Cairns, Albury, Melbourne, and Darwin; and arrivals from Cairns, Townsville, Albury, and Melbourne. Some customers are reporting that they were still able to check in…
Fledgling budget airline Bonza Aviation yesterday entered voluntary administration after halting all flights on Monday. Bonza Airlines first launched in 2021 and has since transported 750,000 passengers across Australia in the 15 months since it took to the air. It now follows in the footsteps of many failed low-cost Australian airlines before it, including Tigerair…
As many as 360 staff at Rex Airlines have been sacked already and hundreds more are on the chopping block after administrators were called in to run the embattled carrier, with remaining staff told they may not get paid until a new buyer is found. It comes amid speculation that Asia-based private equity firm PAG,…
Owner distress as companies plunge into administration The Examiner Read the original article here
Cycling event organiser Hotchillee has announced that it will be entering liquidation in the coming weeks, citing financial difficulties in recent years as the largest contributor. In a statement posted on the company’s website, founder Sven Thiel said: “Despite our best efforts, the combination of internal matters, ongoing financial challenges following Covid-19 and the Brexit…
Owner distress as companies plunge into administration Bendigo Advertiser Read the original article here
In Foo Kian Beng v OP3 International Pte Ltd (in liquidation) [2024] SGCA 10 (OP3 International)1 the Singapore Court of Appeal considered the trigger for when the director’s duty to consider the interests of creditors is engaged (referred to in the judgment as the Creditor Duty). The Court held that: the Creditor Duty is engaged…