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Flybe nosedives on profits warning


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Just now, b4mbi said:

Let's see if lessons have been learnt after the Euromanx collapse.

i.e. Are there flybe planes arrested at the airport to secure all landing fees due, or have they all flown off, like the Euromanx planes did, leaving IOM taxpayer losing out...

Also it depends on who owns the aircraft.

If I recall correctly, Euromanx owed ~ 1 million in NI payments?

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As predicted, when his holiness the Chief Cockwomble was interviewed on BBC Breakfast this morning, his only reference was about TT visitors being able to get here. No mention of the effect on residen

I think when most people hear of a contingency plan being in place the expectation is for that contingency plan to kick in immediately upon the happening of the event the contingency was planned for.

Writing the adverts now, ‘Steam Packet Airlines, if there ain’t a boat in the morning, there probably won’t be a plane either’.

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13 hours ago, hissingsid said:

So Branson has a share in Flybe ? Is that right ?   Why does he not chuck some cash at it.   He has certainly chosen the wrong time to invest in that huge liner he has just launched it got refused a berth in New York because of the viral scare.

Prefers to front up ventures largely with other people's money. No fool. 

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13 minutes ago, b4mbi said:

Let's see if lessons have been learnt after the Euromanx collapse.

i.e. Are there flybe planes arrested at the airport to secure all landing fees due, or have they all flown off, like the Euromanx planes did, leaving IOM taxpayer losing out...

 

 

 

they waited till all planes had landed in the uk......

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1 minute ago, GD4ELI said:

Also it depends on who owns the aircraft.

If I recall correctly, Euromanx owed ~ 1 million in NI payments?

ouch....

Ownership shouldn't make a difference should it? 

IOMG owed money, best way to get that is to arrest aircraft.

it's the operator/owners and now administrators problem about how to release that arrest, to enable asset to leave.

If they can't pay, then  in theory govt could auction off aircraft?

If that hasn't happened, then we need an immediate statement why?

I'm assuming the procedures for aircraft arrest are not too dissimilar from those for ships.

I'm speculating really.

 

 

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This is obviously a dreadful thing to happen BUT it should NOT have come as a surprise for the Manx government.

Flybe were on the brink for some time and depending on a UK government bail out of some sort to hold off entering into administration and the outbreak of coronavirus and all of the resulting knock-on effects really did make this 100% predictable for at least a number of days.

The Manx government really should have had contingency plans in place yet so far there is no indication that such is the case.

I sincerely hope that I'm wrong and that there are contingency plans ready for immediate introduction.

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2 minutes ago, sir nige said:

they waited till all planes had landed in the uk...…

So there are no flybe planes on the tarmac at Ronaldsway?

Outstanding.

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3 minutes ago, b4mbi said:

ouch....

Ownership shouldn't make a difference should it? 

IOMG owed money, best way to get that is to arrest aircraft.

it's the operator/owners and now administrators problem about how to release that arrest, to enable asset to leave.

If they can't pay, then  in theory govt could auction off aircraft?

If that hasn't happened, then we need an immediate statement why?

I'm assuming the procedures for aircraft arrest are not too dissimilar from those for ships.

I'm speculating really.

You got that part right :) . You can't seize a plane unless FlyBe own it, some were leased.

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1 minute ago, b4mbi said:

So there are no flybe planes on the tarmac at Ronaldsway?

Outstanding.

Also a legal issue I believe - if the company goes bust they the planes aren't allowed to fly, but if in the air then...

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2 minutes ago, GD4ELI said:

You got that part right :) . You can't seize a plane unless FlyBe own it, some were leased.

Doesn't matter in the shipping world. Vessels leased all the time, but can still be arrested if operator doesn't pay the bills.

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4 minutes ago, b4mbi said:

So there are no flybe planes on the tarmac at Ronaldsway?

Outstanding.

how can you seize a plane of a company that (at the time) hadn't gone bust.....

 

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1 minute ago, b4mbi said:

Doesn't matter in the shipping world. Vessels leased all the time, but can still be arrested if operator doesn't pay the bills.

That's to put pressure on the operator, but if the operator goes bust it makes no difference.

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3 minutes ago, sir nige said:

how can you seize a plane of a company that (at the time) hadn't gone bust.....

 

That's what bailiffs do, countries have legislation in place which allows this, in the UK it's the CAA act which allows a plane to be detained.

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12 minutes ago, GD4ELI said:

Also a legal issue I believe - if the company goes bust they the planes aren't allowed to fly, but if in the air then...

........they're not allowed to land?

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15 minutes ago, GD4ELI said:

You got that part right :) . You can't seize a plane unless FlyBe own it, some were leased.

Not convinced that this is entirely accurate.  

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8 minutes ago, GD4ELI said:

That's what bailiffs do, countries have legislation in place which allows this, in the UK it's the CAA act which allows a plane to be detained.

but the CCA didn't come into it because they waited until the planes landed in the uk before going bust.......

unless you get a emergency court order (judges sit 24/7 in the uk) bailiffs wouldn't have the power.....

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