At a time when law firms are reporting a significant rise in
corporate aircraft seizures, it has emerged that Hitachi Capital
and Kaupthing Singer & Friedlander are locked in a repossession
battle over jets linked to Paul Crowther, a well known figure in
the world of private jet chartering.
Hitachi Capital has seized two planes mortgaged by Crowther, an
entrepreneur who formerly worked in the yacht chartering business
before he set up a string of corporate jet chartering companies,
several of which have entered administration over recent
months.
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The Hitachi mortgaged aircraft, a Cessna
Citation II model 551 aircraft with registration G-LUXY and a Beech
E90 with the registration number G-ORTH, were seized after Crowther
missed rental payments on the two jets.
Austin Smith, the head of aviation at Hitachi
Capital Business Finance, declined to comment.
Meanwhile, the future of another aircraft
linked to Crowther, a Cessna 550 with registration G-SOVA, is
believed to be uncertain. According to Companies House records,
this jet is on mortgage from Kaupthing Singer & Friedlander and
the owner is Mitre Aviation Ltd, a company owned by Crowther.
Mitre’s parent, Maritime Atlantic Ltd, is linked to Maritime House,
a business centre and large yachting marina based in Hove.
General Capital, the leasing and venture
finance company, is a major creditor of PlaneChartering, one of
Crowther’s companies currently in administration.
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By GlobalDataCrowther used PlaneChartering, which has
operations at Biggin Hill Airport and also Cannes and is described
as an aircraft operator and flight broker, to acquire a company
called Club 328 in October 2007.
Club 328 was wound-up at Brighton County Court
on July 11 2008 after a petition for this to happen was signed by
around 30 creditors. The petition was brought by Club 328’s former
CEO, Elaine Young.
Crowther meanwhile faces a string of claims by
people linked to his jet aircraft businesses, including
entrepreneur Karl Watkin, who has lodged a claim against Crowther
in the High Court in London.
A report on the state of the corporate jet
finance sector is to be published in the October issue of
Leasing Life.
Brendan Malkin
