Ocean Sky calls for creditors meeting as charter and management divisions declared insolvent

London
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This story is sourced from Flight International
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Ocean Sky Group has called for a creditors meeting on 7 September to determine the future of three of its business aviation services divisions - Ocean Sky Aviation, Ocean Sky Aircraft Charter, and Ocean Sky Aircraft Management - which all ceased trading on 21 August having been declared insolvent.

The remaining companies within the group - Ocean Sky Group Holdings, which includes the Jet Centre business, and Ocean Sky Aircraft Leasing - are unaffected and are trading as normal.

Stephen Clancy, an executive at financial advisory firm Duff and Phelps, and who is expected to be appointed as one of company's liquidators, says an unnamed Ocean Sky director "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," Clancy adds.