KRyS Global was appointed joint liquidator over Flaming Sun, a BVI-based company, whose sole asset was a non-airworthy airplane located in Singapore.
The asset needed to be realised in order to satisfy the outstanding amount owed to the company’s creditors. Due to the significant costs of maintaining the aircraft, a quick sale process was required.
KRyS Global engaged a Singapore-based aircraft broker to market the airplane for sale.
On completion of the sale process, KRyS Global was able to sell the asset at the top end of the estimated price range.
KRyS Global also negotiated the release of a lien held over the plane in advance of the sale.
Leveraging its relationships in the BVI, Singapore and Hong Kong, KRyS Global conducted a quick and effective sale process, which maximised the realisable value of the company’s asset.