Permit aircraft syndicate problem

E.Heyford · Post by **E.Heyford** » Fri Aug 21, 2009 3:22 pm

We have a Permit aircraft syndicate, but are experiencing some issues with a member.

Can anyone provide their syndicate contract and /or does anyone have experience with closing a syndicate. What is the legal position? If the majority vote to wind-up the syndicate, is that enough?

Thanks.
Eric Heyford

Nigel Ramsay · Post by **Nigel Ramsay** » Fri Aug 21, 2009 8:07 pm

Eric,
Do you have any written/signed agreement with your syndicate members? I used to run a syndicate but I started it and I set a fairly strict set of rules which all members (5 on average) signed up to. Fortunately they were all OK in my case!

If you don't have a signed agreement you will have to force a majority desicion and either sell the a/c or suggest your troublesome member buys you all out - try to avoid civil court action!

Rod1 · Post by **Rod1** » Sun Aug 23, 2009 11:36 am

A friend of mine was in a syndicate with one member who “fell out” with the rest. Their legal guys recommended that all that was required was a majority owner share to vote to sell. There added complication was that the guy was one of the two registered “trustees” of the group, which caused an added delay, as he was as uncooperative as possible.

Rod1