Flight Design insolvency

[ct9000]

The only bad point I can see is the big debt problem. If that can be sorted out then it all looks very good. Let's face it a company director appears to have taken a solid operation with a world leading product into almost ruin because of bad - dishonest - trading practice.

[Tai]

The only bad point I can see is the big debt problem. If that can be sorted out then it all looks very good. Let's face it a company director appears to have taken a solid operation with a world leading product into almost ruin because of bad - dishonest - trading practice.

Thanks for your point that the debt should be taken into consideration. 

[FlyingMonkey]

I was going to mention debt as well.  If I were taking over this business, my big questions would be:

 

1)  Am I going to be responsible for existing company debts, or can those debts be discharged?

 

2)  If the debts cannot be discharged, can I service those debts through company revenue and still make the business viable?

[IrishAl]

The principal assets gained in a takeover of FD will be ownership of the rights to the CT range and inheritance of the C4 project.  

 

The CT is a valuable asset, and particularly so if you already have a production line in place to manufacture it!

I would expect the C4 project to also have some asset value as the development is well progressed, while its potential value could be very large.

 

Both these assets in the hands of AeroJones could make any outstanding debts look small by comparison.

 

The glove is a perfect fit for AJ, it seems.

[FlyingMonkey]

I agree Al.  If I were a conservative businessman, I might buy the exclusive rights to CTLS/CTLSi production, with an exclusive 5 year option to buy rights to the C4.  That way I could get the "bread and butter" CT revenue stream flowing, and if that makes a decent profit I could add the C4 project to the stable a few years later.

[gbigs]

I was going to mention debt as well.  If I were taking over this business, my big questions would be:

 

Tai's English is rough but he has said his company is one of the debtors in waiting....If Aerojones were to buy FD then they will also be eating their own debt. 

 

FD is teetering...if they are going to get saved it must be now...not a year or more from now.

[Gryphon]

I would be very happy if AeroJones bought Flight Design as long as they recognized the creditors like myself who has a half finished aircraft sitting in Germany for nearly two years now, It will be three years in July when I was originally told I could expect delivery. There are two CTLS's and a MC (over four years for this one ! ) awaiting delivery in Australia. The administrator has asked our agent for over Euros 100,000 to finish the two CTLS's, all three aircraft have already been fully paid for. The agent would then join the line of creditors to hope for repayment. Not a happy situation.

[JohFlyer]

It would be great if Flight Design could be reactivated and/or continued

 

I think to get it a success - it will be essential to (re-) gain trust from the customer bases!

To achieve this, in my eyes these things will be critical:

 

- Any follow up will have to stick to all debts and promises without any discussion or artificial delay

- There is not any room anymore for the person Matthias Betsch

[Anticept]

Thanks for your point that the debt should be taken into consideration. 

 

The big question I have is engineering support.

• It's always been a very big pain in the rear end to make changes to the aircraft. It's the natural consequence of the regulatory atmosphere, but even simple changes can be painful to get a response in any timely manner.
• Repair instructions and manufacturing data are held so close to the chest that it takes a crowbar to pry anything loose that isn't already out there, delaying repairs. It is also next to impossible to us in the field to write engineering changes and submit them for approval, as we have no access to such information. This is in stark contrast when compared to Rans Aircraft (who produces kit building instructions which can be used to base such engineering on).
• Software updates are so far behind, it's unreal.

If those trends can be 180'ed, I think you would gain a huge amount of support.

[adevw]

Flight Design Logistic GmbH, Kamenz

 

https://www.unternehmensregister.de/ureg/result.html;jsessionid=B196FC079494C74E21AF17A3FCB10E26.web02-1?submitaction=showDocument&id=17483616

 

In dem Insolvenzverfahren über das Vermögen der Flight Design Logistic GmbH, Zum 
Tower 4, 01917 Kamenz, wurde am 30.05.2016, um 05:33 Uhr, das Insolvenzverfahren 
eröffnet. Zum Insolvenzverwalter wird ernannt Rechtsanwalt Tino Schweizer, 
Gerichtsplatz 7, 03046 Cottbus. Forderungen der Insolvenzgläubiger sind bis zum 
08.07.2016 unter Beachtung des § 174 InsO beim Verwalter anzumelden. Die Tabelle und 
die Anmeldungsunterlagen werden spätestens ab dem 18.07.2016 zur Einsicht der 
Beteiligten auf der Geschäftsstelle des Insolvenzgerichts, Amtsgericht Cottbus, 
Thiemstraße 130, 03048 Cottbus, niedergelegt. Berichts- und Prüfungsstichtag (§§ 5 
Abs. 2 Satz 1, 156, 176 InsO) ist Montag, 1. August 2016. Spätestens an diesem Tag 
muss der schriftliche Widerspruch, mit dem ein Beteiligter eine Forderung bestreitet 
oder der Prüfung von nachträglich angemeldeten Forderungen widerspricht, bei Gericht 
eingehen. Im Widerspruch ist anzugeben, ob die Forderung nach ihrem Grund, ihrem 
Betrag oder ihrem Rang bestritten wird. Anträge zur Beschlussfassung über die Person 
des Verwalters, die Zahlung von Unterhalt aus der Insolvenzmasse (§ 100 InsO), die 
Verwertung der Masse (§§ 149, 159 bis 163, InsO), die nachträgliche Anordnung der 
Eigenverwaltung (§ 271 InsO), den Gläubigerausschuss sind ebenfalls bis zum 
Prüfungsstichtag beim Insolvenzgericht einzureichen. Die Gläubiger, deren Forderungen 
festgestellt worden sind, werden über das Prüfergebnis nicht benachrichtigt (§ 179 
Abs. 3 Satz 3 InsO). Rechtmittelbelehrung: Gegen diesen Beschluss ist die sofortige 
Beschwerde gem. § 4 InsO, § 569 ZPO binnen einer Notfrist von zwei Wochen zulässig. 
Die Notfrist beginnt spätestens zwei Tage nach der unter 
www.insolvenzbekanntmachungen.de erfolgten öffentlichen Bekanntmachung. Bei einer 
früheren Zustellung ist dieser Zeitpunkt maßgebend für den Beginn der 
Beschwerdefrist. Die Beschwerde ist bei dem Amtsgericht Cottbus, Gerichtsplatz 2, 
03046 Cottbus, einzulegen. Die Beschwerdeschrift muss die Bezeichnung der 
angefochtenen Entscheidung sowie die Erklärung enthalten, dass Beschwerde gegen diese 
Entscheidung eingelegt werde. Die sofortige Beschwerde kann schriftlich, durch 
Erklärung zu Protokoll der Geschäftsstelle oder in elektronischer Form mit einer 
qualifizierten elektronischen Signatur eingelegt werden (für Einzelheiten: 
www.erv.brandenburg.de) Amtsgericht Cottbus, 31. Mai 2016, Az.: 63 IN 97/16 

[FastEddieB]

Via Google Translate:

 

In the insolvency proceedings over the assets of the Flight Design Logistic GmbH, to

Tower 4, 01917 Kamenz, was born on 05.30.2016, 05:33, insolvency proceedings

opened. For liquidator is appointed lawyer Tino Swiss,

Court No. 7, 03046 Cottbus. Claims of insolvency creditors are to

08/07/2016 to register in compliance with § 174 InsO the Administrator. The table and

If the application documents are the latest on the 07/18/2016 for inspection by the

Stakeholders at the office of the insolvency court, Amtsgericht Cottbus,

Thiemstraße 130, 03048 Cottbus, resigned. Reporting and audit date (§§ 5

Paragraph 2 sentence. 1, 156, 176 InsO) is Monday, August 1, 2016. At the latest on this day

must of written opposition, the one party denies a claim

or the testing of subsequently filed claims contradicted in court

received. In contradiction to indicate whether the demand for their ground, their

Amount or her rank is disputed. Motions for resolutions on the person

The administrator, the payment of maintenance from the insolvency estate (§ 100 InsO), the

Liquidation of assets (§§ 149, 159-163, InsO), the subsequent order of

Self-administration (§ 271 InsO), the creditors' committee are also to

Examination date the bankruptcy court submitted. The creditors whose claims

have been found to be the result is not notified (§ 179

Para. 3 sentence 3 InsO). Right to appeal: against this decision is the immediate

Board gem. § 4 InsO, § 569 ZPO permitted within a statutory period of two weeks.

The statutory period begins no later than two days after the under

www.insolvenzbekanntmachungen.de made public announcement. At a

earlier delivery is this moment at the beginning of the

Appeal period. The complaint is at the Amtsgericht Cottbus, Court No. 2,

03046 Cottbus insert. The notice of appeal must include the name of the

contain the contested decision and the statement that an appeal against that

Decision will inserted. The immediate appeal may in writing, by

Declaration on Protocol of the office or in electronic form with a

be lodged qualified electronic signature (for details:

www.erv.brandenburg.de) Amtsgericht Cottbus 31 May 2016 Ref .: 63 IN 97/16

[Cluemeister]

It sounds like everyone who has a claim against FD Germany has submitted it to the court, and (just guessing here) now there is a period to appeal those claims?  And if so, who would appeal those claims?

 

And it sounds like this phase ends on August 1.  Then what?

[adevw]

https://www.unternehmensregister.de/ureg/result.html;jsessionid=5AE33F7A648299C95018144F3B0A3293.web01-1?submitaction=showDocument&id=17501346

 

Amtsgericht Dresden Aktenzeichen: HRB 25193   Bekannt gemacht am: 06.06.2016 18:31 Uhr 

 

Die in () gesetzten Angaben der Geschäftsanschrift und des Unternehmensgegenstandes erfolgen ohne Gewähr.

 

Veränderungen 06.06.2016

 

HRB 25193: Flight Design Logistic GmbH, Kamenz, Zum Tower 4, 01917 Kamenz. Durch Beschluss des Amtsgerichts Cottbus vom 30.05.2016, AZ: 63 IN 97/16, ist das Insolvenzverfahren über das Vermögen der Gesellschaft eröffnet worden. Die Gesellschaft ist aufgelöst. Von Amts wegen eingetragen gemäß § 65 Abs. 1 GmbHG.

 

---------------------------------------

FDL was a transport company which was responsible for transporting the aircraft from Kherson to Kamenz.
FDL was dependent on orders from FD.
Managing director was Danilo Jahn.

[ralarcon]

 

https://www.unternehmensregister.de/ureg/result.html;jsessionid=5AE33F7A648299C95018144F3B0A3293.web01-1?submitaction=showDocument&id=17501346

 

Amtsgericht Dresden Aktenzeichen: HRB 25193   Bekannt gemacht am: 06.06.2016 18:31 Uhr 

 

Die in () gesetzten Angaben der Geschäftsanschrift und des Unternehmensgegenstandes erfolgen ohne Gewähr.

 

Veränderungen 06.06.2016

 

HRB 25193: Flight Design Logistic GmbH, Kamenz, Zum Tower 4, 01917 Kamenz. Durch Beschluss des Amtsgerichts Cottbus vom 30.05.2016, AZ: 63 IN 97/16, ist das Insolvenzverfahren über das Vermögen der Gesellschaft eröffnet worden. Die Gesellschaft ist aufgelöst. Von Amts wegen eingetragen gemäß § 65 Abs. 1 GmbHG.

 

---------------------------------------

FDL was a transport company which was responsible for transporting the aircraft from Kherson to Kamenz.

FDL was dependent on orders from FD.

Managing director was Danilo Jahn.

 

?

[FlyingMonkey]

"The company is dissolved".   

 

Google translate for the win!

[Cluemeister]

Can any of our German speaking friends tell us what this announcement means?

[opticsguy]

Experimental LSA?

[FastEddieB]

Experimental LSA?

Still a serious possible consequence of a "dissolved" Flight Design.

 

If they are responsible for required protocols for continued Airworthiness under ASTM, and they no longer exist as a functioning entity, some sort of letter from on high to owners may be forthcoming soon.

 

We can only hope that Flight Design USA or Aerojones or somebody is actively working towards assuming the mantle legally.

 

Then again, for many the Experimental moniker is not really that scary. But for others, it could make an enormous difference.

[Anticept]

That is the logistics company that is dissolved, not flight design gmbh.

 

On the United States, aircraft may still be S-LSA without a manufacturer. However, when a repair comes up that has no instruction, there is no way to return it to airworthy condition until said instructions are made. That is the responsibility of the manufacturer.

 

Thus, when a manufacturer is no longer available and said repairs are requred, changing to e-lsa becomes necessary, as this now allows the owner or their designees to write their own repair instructions.

[FastEddieB]

That clarifies things.

 

Thanks.

 

It still think the mantra still needs to be, "Hope for the best but prepare for the worst."

[Philip Welsch]

SLSA can not become ELSA unless at time of change aircraft is airworthy as SLSA and has current inspection as such (per the very experienced DAR I expect to use). Consequently if aircraft is damaged and not airworthy and the repair is not noted in the Maintenance Manual I don't see a path to certification change without manufacturers support.

 

Philip

[gbigs]

Experimental LSA?

 

No one is going experimental. 

[Anticept]

SLSA can not become ELSA unless at time of change aircraft is airworthy as SLSA and has current inspection as such (per the very experienced DAR I expect to use). Consequently if aircraft is damaged and not airworthy and the repair is not noted in the Maintenance Manual I don't see a path to certification change without manufacturers support.

 

Philip

That depends on what the FAA Orders say. It would be worth having a look at it. I know that there are people out there in the FAA that like to interpret the regs the way they want, but if the appropriate FAA Order says something else, they are required to follow it.

[2FlyAgain]

Anticept is correct according to Google translate...  I added the bold for emphasis.

 

 

Dresden District Court Case Number: HRB 25193 Announcement made on: 06/06/2016 18:31

 

The numbers in () to the business address and the subject of the company is without guarantee.

 

changes 06.06.2016

 

HRB 25193: Flight Design Logistic GmbH, Kamenz, to Tower 4, 01917 Kamenz. By order of the District Court Cottbus from 30.05.2016, AZ: 63 IN 97/16, the insolvency proceedings over the assets of the Company has been opened. The Company is dissolved. Ex officio entered in accordance with § 65 para. 1 GmbHG.

[Anticept]

Phillip:

 

In https://www.faa.gov/aircraft/gen_av/light_sport/media/LtSptAircraftFAQs.pdf, questions 9 and 10 address this issue. It clearly states that you can "request" an experimental certificate and repair it. Obviously, they can impose a number of limitations on the aircraft, and I fully expect one of those limitations to be extensive testing, just like a homebuilt.