Below is a copy of the report to be published in the Europa Flyer describing
the outcome of the EMIL administration. By publishing it here we hope it
will reach other who are not members. The Europa Club is not, as such, a
creditor, and we cannot advise members in any way as to what to do.
The Europa Club is not, as such, a creditor, and we cannot advise members in
any way as to what to do.
>>
Europa Management (International) Limited - Administration Report.
By my estimate 334 builders, 114 suppliers and 10 employees will have
received a 64-page document from Redman Nichols, the administrator. This
sets out the financial situation of EMIL in sufficient detail to confuse all
but the very brave. What I will try to do here is give this document some
sort of meaning. As it is not specifically stated some suppliers may be
confused as builders if it is not obvious from the name or other information
I have.
Your first question is likely to be why did some builders get copies and not
others. All the builders and suppliers who are owed money by EMIL, and have
made a claim, are included. All builders who subscribed to Europa Product
Support/Newsletter are creditors and have been included even though they
have not made a separate claim.
On the 26th July, the date the administrator took over, EMIL had 446 in the
bank. After the sale of the business (87,000), the two UK demonstrators
(50,000) and some other adjustments (including paying the last months staff
salaries) this left 96,676 for the creditors. This sum goes to Slingsby
who were owed 306,846. Overall, Slingsby and all other creditors are still
owed 1,035,191 and will receive nothing. The shareholders will receive
nothing. It is worth noting that the Europa Management Inc (the US
subsidiary) and the two US demonstrator aircraft have not been sold and are
not included in these accounts.
The staff of EMIL is owed some 80,000 in notice and redundancy which the
administrator cannot pay.
EMIL had take deposits of over 1,000 from 54 builders. The total amount
claimed by builders appears to be 488,000. Of these claims two, from US
customers, are in excess of 50,000 and may include damages rather than the
cost of items ordered and paid for. Of these claims 15 are for more than
10,000, 7 between 5 and 10,000, 14 between 2,500 and 5,000 and 18 below
2,000.
EMIL owed 114 suppliers (excluding Slingsby) some 400,000. Of these HM
Customs & Excise (the VAT man) is the biggest claim at 83,744.65
representing VAT on some 478,000 of income, MATCO is owed some 12,000, 7
are between 5,000 and 10,000, 17 between 2,000 and 5,0000 and 88 below
2,000. .
So these are the figures. Any comment by me would be superfluous!
Ian Rickard
Europa Club Committee
e-mail mods@europaclub.org.uk
or direct g-iani@ntlworld.com
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