The Sad Postscript

 

Failed Auckland airline Fly My Sky owes more than $800,000 to creditors, including customers who bought airfares for flights that have been cancelled. Commercial Helicopters, the registered company behind the airline, went into liquidation on June 29. A first liquidators’ report, prepared by liquidators Clive Bish and Gareth Hoole of Ecovis KGA, said, on first impression, it appeared the company was insolvent when liquidators were appointed. The liquidators had not been able to determine how long the company traded while insolvent, if at all, and they would investigate the matter, it said. “The liquidators will pursue appropriate action against the directors to the extent considered economically beneficial if evidence exists to support such action,” the report said. The report said the company had assets worth about $168,000 and creditors were owed $838,144, of which $801,334 was to unsecured creditors. Customers with flights booked on Fly My Sky contacted Stuff seeking more information, after news broke the company was in liquidation. They said they had not been able to get in touch with anyone at the airline, and had not received information about flights or refunds. They were later sent an email from the company saying the business had been placed into liquidation and all enquiries should be addressed to the liquidators. “This decision was not taken lightly and every effort to save the business has been expended,” the email read. All future flights had been cancelled, it said. “The management of Fly My Sky extends their sincerest apologies for this situation that just simply could not be avoided and we thank you for support in the past.” Meanwhile, two planes flown by Fly My Sky have been put up for sale. The airline had a fleet of four leased twin-engine Britten-Norman Islanders aircraft, each carrying up to nine passengers. Offers for two of those aircraft are being sought on aircraft sales website Dennis Thompson International. The liquidators’ report said the company was incorporated as Commercial Helicopters in 1981. Its primary business was as a regional independent airline flying between Great Barrier Island and Auckland. The company was sold to its current shareholders Christine and Dylan Young on March 20, 2020. The company was operating in a tight market with a competitor airline flying the same route, the report said. “Due to restricted numbers of tourists and movement between Auckland and Great Barrier Island, mainly because of the Covid-19 restrictions, the operation became marginal and its profitability was severely impaired. “Reduced forward booking projections, rising costs and low pricing elasticity, together with increased maintenance requirements, made the operation unviable and the shareholders, faced with the need to inject additional capital, took professional advice and elected to place the company into liquidation,” the report said. The Civil Aviation Authority were informed of the company’s liquidation and immediately revoked the operation’s certification, thereby preventing any further flights, it said.

Source : https://www.stuff.co.nz/business/industries/125675301/fly-my-sky-owes-creditors-more-than-800000-including-out-of-pocket-customers

All four of Fly My Sky's BN Islanders, are up for sale and being put on Dennis Thompson International's website http://dtiaircraftsales.com/aircraft-listings