SOURCE- BARBADOS TODAY: A bank has placed part of the Antigua-based LIAT airline’s property on the auction block for apparent loan default.
In an auction notice, the Antigua Commercial Bank’s Loan Recoveries Department announced it would be selling a lucrative parcel of land located at LIAT’s Coolidge base on the fringe of the VC Bird International Airport.
The 2.75 acres of vacant property forms part of a commercial strip which supports various types of commercial activities.
The bank described the property as generally flat with a gentle slope and slightly irregular in shape, with access to service lines for potable water, telephone and electricity all provided by the state-owned Antigua Public Utilities Authority (APUA).
The airline’s assets are to go on sale on April 29 on-site.
The financially troubled LIAT (1974) Limited which was owned by the governments of Barbados, St Vincent and the Grenadines, Antigua and Barbuda and Dominica, has been replaced by LIAT 2020 which was established by Antigua and Barbuda.
The airline is required to follow this process to obtain its Air Operator’s Certificate (AOC) before it can begin regular scheduled flights, under the ECCAA’s aviation-related remit in the Organisation of Eastern Caribbean States.
Two flights were conducted on Saturday afternoon from VC Bird International Airport to St Kitts and back, followed by two similar flights on Sunday morning, Barbados TODAY has learned.
The ECCAA reportedly monitored the flights, examining all aspects of the airline’s performance, including safety protocols, flight operations, and communication systems.
Barbados TODAY understands the training flights were successful, and the ECCAA has provided feedback to LIAT 2020 to help the airline meet all the requirements to receive the AOC.
During a live radio programme, Prime Minister Gaston Browne announced the successful completion of the training flights, which generated a wave of congratulatory comments and posts from the public.
LIAT 2020 is a partnership between the government of Antigua and Barbuda and Nigerian airline Air Peace.
Air Peace is to provide three aircraft to the new airline, as part of its contribution. The planes are expected to arrive in Antigua and Barbuda in a number of weeks to bring the initial fleet of aircraft to three.
LIAT 2020 is expected to conduct additional training flights throughout the week as it works to meet all requirements before receiving the AOC.
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There goes some more assets that the union may have hoped would return to the receiver for distribution of severance
Useful idiot, don’t worry the top dawg son will make a bid. Everything going to the dawg down city west.
Gaston Hater. Eat your heart out. But investing is open to everyone and if you are so jealous as to the Browne’s investments too bad for you. If you have money, go make your bid. If a Lebanese or Syrian buys it you will have no problem whatsoever.
Crab in a barrel mentallity is what you have.
Anyone else can make money accept the black one. He must remain poor like you.
You claim you are a financial executive responsible for reorganization and turn arounds.
Unless you have worked your way up from the mail room then you would have you would have taken courses in business, finance economic wherein you would have something about bankruptcy history and bankruptcy laws.
The act passed on behalf of LIAT enabled LIAT (1974) to go into reorganization. Now liquidation.
If you really went to business school, you would have learned that The US Congress passed reorganization BK laws on behalf of the railroads. In BK proceeding taxes are paid first; then followed by employee wages and other obligations to a limit of USD $16,000.00
Was there a flawed law passed in Antigua and Barbuda, or was a deliberate ACT crafted to deny and bypass the payment to LIAT (1974) employees?
In the meantime; The LIAT(2020) deal with Air Peace makes no sense. AIR PEACE is people acting as a proxy for about 40% to 50% ownership by unknown individuals.
First of all Antigua and USA have different laws. So I don’t know why you think you can come and compair USA laws to Antigua.
Please note that the judiciary is independent from the executive. The company was placed in Administration and by now should be in receivership. All these are legal procedings. The judge overseeing the liquidation is guided by our laws. Not USA laws.
When Stanford Companies were in receivership and the PM wanted to intervene on behalf of the workers, the receiver told him in no uncertain terms that he had no powers whatsoever to tell hem who and when to pay.
Makeda Michael was given the hangar and all the lands as a settlement before one employee ever received a dime in severance. And many more of these transactions happened. And that tells you that the law is not really that straight forward to have severance paid first. You have preferential creditors that get their monies first. And the investors that had their monies in the bank are still waiting to be paid.
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