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Friday, 25 May 2012

Corporation Vuelo U.A. officially founded

Yesterday, the 24th of May, the board, and a notary, signed the constitution, which officially founded the corporation "coƶperatie Vuelo U.A.".
Today, the corporation will be registered with the Chamber of Commerce, and that it's all official.
This marks the first important step of the process that will eventually lead towards actually ordering the plane.
The next step will be for the tax authorities to declare the corporation VAT liable, which would result in the corporation not having to pay VAT over the purchase price of the aircraft. As VAT is 21%, this is a potential show-stopper for this entire endeavour...
Also, some candidates still need to be persuaded to actually pay up the money they agreed to, before the actual purchase order can be placed.

During the last members meeting, as they are called as of now, the board introduced themselves:
Patrick Tediek (president)
Ernesto Lopez Vega (treasurer)
Piet de Hondt (Secretary)
and proposed the name Vuelo. That name is obviously inspired by the Spanish background of our treasurer ;) The U.A. stands for "No Liability". That means that the largest risk for participants is the initial fee. All other risks must be covered by insurances. In the eventual case of bankruptcy of the corporation, if there is still a debt after selling the inventory, and paying off all creditors, the participants won't be held liable for that. That all won't happen, of course, but it's a comforting thought.

During that same meeting, all the topics regarding the plane and it's equipment I mentioned in the previous post were mentioned again, but this time as dicisions instead of proposals. We also talked a bit more in depth on the agreement between the corporation and kLM Aeroclub.In practice, KLM Aeroclub will be responsible for the operation of the aircraft, where the corporation will be responsible for providing, maintaining, and insuring the aircraft. The pilot won't notice the corporation exists. KLM Aeroclub will bill the pilot directly for the wet-lease tariff,and the corporation will bill KLM Aeroclub once a month for the dry lease fee. That way, the corporation benefits from the operational discounts of KLM Aeroclub, and the pilot has only one, well equipped, point of contact. The member administration of the corporation will be synchronised with the KLM Aeroclub administration once a month, to ensure that the participants get billed according to the lower rate ;)

There has been a new development regarding the flight deck equipment: besides the fact that the stand-by altimeter and speedometer are standard instruments that come togetjer with the G500, Garrecht is in the process of getting a new gadget certified. That would comprise of a FLARM unit with ADSB-In, which uses the MFD of the G500 as an output in overlay mode. Which means as much as that the right hand computer display on the panel, which usually displays the map with the planes current position and heading, will then also display symbols for all the detected traffic in the vicinity of the air plane. That will, of course, greatly enhance the safety, especially in the neighbourhood of airports and glider sites. The meeting decided to wait for the certification to come through, before putting up a vote to go purchase the equipment (and therewith not to include the stand-alone instrument at this time).

Besides the VAT liability, the actual payment of the remaining participants is another potential show-stopper that has to be dealt with soon. In the meeting we agreed to put the deadline on June the first. If at that moment not all payments are in, a members meeting will be called with the subject the liquidation of the corporation... Let's just hope it does not come to that!

By the way: the first of June is therewith also determined as the final date for new entries, so if you want to participate, there is still a small window of opportunity ...