New Jersey-based Part 145 repair station Teterboro Rams, which has mechanics’ liens on four ex-Avantair Piaggio Avanti turboprops in its possession, is “in negotiations with two groups [of owners] to release two of the aircraft,” Rams co-owner Dennis Espinosa told AIN. The FAA revoked the airworthiness certificates of all 56 ex-Avantair Avantis not long after the fractional provider was declared insolvent in late July.
Internal Revenue Code
Clearwater Fla.-based Avantair’s assets will be sold off and the company liquidated after it failed to meet a deadline last week to contest an involuntary Chapter 7 filing in the Florida Middle District U.S. Bankruptcy Court in Tampa. Judge Catherine McEwen signed an order on Friday converting the case to full Chapter 7 status and gave former fractional provider Avantair until this Friday to provide the court with a list of creditors, co-debtors and unexpired leases. The court has also given Avantair’s creditors until December 18 to file a claim.
A letter from the Internal Revenue Service (IRS) can cause any taxpayer’s heart to skip a beat. For aircraft operators, whose main focus of government compliance is the FAA, it can be easy to overlook the many nuances of the federal and state tax codes to ensure all taxes are being paid.