Lindstrand Balloons Official Notice and appointment of Liquidator
Private Limited Company Registered at Companies House Number 04058541
Creditors’ Voluntary Liquidation – 13 April 2015.
Lindstrand Hot Air Balloons Ltd has ceased trading and has now been placed into Creditors’ Voluntary Liquidation following a Directors meeting on 13 April 2015. The liquidator, who will deal with all affairs, is Mr Graham Down, Licensed Insolvency Practitioner
Burton Sweet Corporate Recovery
15 Pembroke Road
Bristol BS8 3BA
enquiries@bscorprecovery.co.uk tel. 0117 914 2068
A meeting of creditors will be held on 23rd April; further details will be announced by letter. Further notice: Lindstrand Hot Air Balloons Ltd Liquidation 13 April 2015
Lindstrand Hot Air Balloons Ltd. has been a stand-alone company since its inception and no other company is involved. Cameron Holdings Ltd. (CHL) is the parent company of both Lindstrand Hot Air Balloons Ltd (LHABL) and Cameron Balloons Ltd. (CBL). In 2000, CHL invested in a share of Lindstrand Balloons Ltd. However, in 2003 the company was further divided, leaving CHL in 100% ownership of LHABL.
The day-to-day management of LHABL was left to existing staff who continued to run it as a totally independent business. There was never, at any time, a company merger. LHABL and CBL remained unconnected and were even competitors. The products, trading style and business ethos of each business continued as before.
Hot air ballooning has become much more difficult when the regulation of balloons was passed from the British Civil Aviation Authority to the European Aviation Safety Agency. Badly designed rules have made ballooning much more expensive without any improvement in safety and many participants have given up. A further problem has arisen from the rise in the value of the pound against the Euro by 21% over 18 months and this has set the company at a disadvantage against its European competitors.
Mounting losses at LHABL have made the liquidation unavoidable. There is great regret that others; customers or suppliers, have also lost goods, services or funds. Claims for losses should be addressed to the liquidator (details above). There is also great regret that most of the existing staff of LHABL will lose their jobs although all will receive their payment entitlements in full. Some posts in Bristol may be available, although it is understood that most may not be able to consider moving their homes.
For balloons in production at LHABL at the time of liquidation, CBL will, endeavour subject to the agreement of the liquidator and the client, finish, approve, certify and organise delivery and to minimise losses. Some years ago, to raise funds, LHABL sold all its balloon intellectual property, type certificates and trade marks to CHL, these remain current and in force, despite the LHABL liquidation. It is intended that these will be assigned to CBL which will become the type certificate holder and will support the continuing airworthiness of Lindstrand equipment. The airworthiness of existing Lindstrand hot-air balloons is not affected at this time.
This notice can be found at http://www.lindstrand.co.uk/