Ocean Sky businesses insolvent say liquidators

The company which claims on its website  to be headquartered in London, with further offices in Russia, the UAE and Italy as well as FBOs in the UK and Europe has called a Creditors’ Meeting to determine the future of the subsidiary companies, Ocean Sky Aviation Limited, Ocean Sky Aircraft Charter Limited, and Ocean Sky Aircraft Management Limited

All three companies ceased trading on 21 August 2012 when it was agreed that they were insolvent and unable to pay their debts.

The company opened a UAE office in November 2010.

The Creditors’ Meeting, scheduled to take place in Manchester tomorrow, Friday 7th September and is expected to see the appointment of Stephen Clancy and Sarah Bell, both of leading global financial advisory and investment banking firm Duff & Phelps as Joint Liquidators to the companies.

The companies are part of a larger group whose ultimate parent company is Ocean Sky Group Holdings Limited which along with Ocean Sky Aircraft Leasing Limited, is unaffected by this process and both are continuing to trade as normal.

Stephen Clancy, Duff & Phelps, stated: “The director has called the creditors’ meeting for September 7th 2012 and he has made a specific recommendation to creditors that they appoint Joint Liquidators to these three specific operating companies,”

“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.