Ocean Sky Aviation Limited calls creditor’s meeting, likely to liquidate
Ocean Sky Aviation was one of the UK’s most high profile business jet operators, having featured in the 2008 James Bond film ‘Quantum of Solace,’ starring Daniel Craig.Ocean Sky consists of a number of UK and international limited companies and only three of these are calling creditor meetings. Other Ocean Sky related companies have not filed for protection and are continuing to trade.
Ocean Sky began as an aircraft broker in 2003 and became an aircraft manager and operator in 2005, it continued to grow and acquired aircraft maintenance companies and FBOs.
The Creditors’ Meeting, scheduled to take place in Manchester on Friday 7 September is expected to see the appointment of Stephen Clancy and Sarah Bell, both of financial advisory and investment banking firm Duff & Phelps as Joint Liquidators to the companies.
Ocean Sky gained prominence when its aircraft and logo appeared eight times in the 2008 James Bond film Quantum of Solace. The operator provided five jets to fly the cast and crew to Panama in return for shots featuring Ocean Sky aircraft and check-in desks.
“The director has called the creditors’ meeting for 7 September 2012 and he has made a specific recommendation to creditors that they appoint Joint Liquidators to these three specific operating companies,” said Stephen Clancy, Duff & Phelps. “The businesses have been unable to pay their debts as they fall due. The director has been investigating alternative options but concluded that the interests of creditors are best served by the appointment of Joint Liquidators,” he added.
On August 23 the High Court of Justice agreed to hear a petition from the UK’s HM Revenue and Customs asking for Ocean Sky Aviation Limited to be closed. HMRC had asked the court to wind-up Ocean Sky Aviation Limited on July 25 saying it is a creditor.
Limited ceased trading on 21 August 2012 when it was agreed that they were insolvent and unable to pay their debts.
The company is owned by Ocean Investments, a privately owned firm, headed by entrepreneurs Timur Sardorov and Oliver Ripley.
The remaining companies within the group – Ocean Sky Group Holdings Limited and Ocean Sky Aircraft Leasing Limited, are unaffected by this process and are continuing to trade as normal.
Ocean Sky Jet Centre which includes maintenance at London Luton and Manchester Airports; FBOs at Luton, Manchester and Prestwick in the UK as well as two at Ibiza and Mahon in the Spanish Balearic islands; and an aircraft interiors business is still trading. The company is still selling charter services as part of the jet centre.
