News / Two-year reprieve for Cargologicair, but Volga-Dnepr UK looks doomed

Cargologicair, the UK freighter operator previously owned by Volga-Dnepr Group founder Alexei Isaikin, has been given a reprieve of another two years to wind up – presumably in the hope a future can be found for the carrier.

The administration period is extended until 16 November 2025, on the order of the High Court.

One winner looks set to be the administrator itself, which, based on the charges it has outlined so far, could earn a further £1.4m ($1.75m) over the 24-month period.

The plan was to sell CLA as a going concern, and a Dutch cargo airline had expressed interest in its AOC. But CLA’s three 747 freighters have gone: one stored in Moscow since March 2022; one in service with National since July; and the other, stored in Jakarta since July, has been re-registered to Moldova’s Aerotranscargo (ATC) and is set to deliver shortly.

The aircraft could even end up back in the UK. ATC’s sister airline, One Air, recently took delivery of one of ATC’s 747-400Fs, which has been flying between Hong Kong, Muscat and London, while One Air’s other aircraft does not seem to be operating currently.

But while CLA, which in July was found to have £10.5m in cash – although had no access to it via its banks – the fate of Mr Isaikin’s other UK entity, Volga-Dnepr UK, faces a different outcome.

Still “active”, this week, however, it received notification that it will be dissolved.

“The registrar of companies gives notice that, unless cause is shown to the contrary, the company will be struck off the register and dissolved not less than two months from [21/11/2023]. Upon the company’s dissolution, all property and rights vested in, or held in trust for, the company are deemed to be bona vacantia, and will belong to the Crown.”

It is the second time the company has received a compulsory strike-off notice – it was first notified in October 2022, but this was discontinued in December, after “cause” was shown why it should not be struck off. Perhaps there is one more throw of the dice for the Russian-influenced UK company.

It is not clear what assets would ‘go to the Crown’ if it was dissolved. Its latest accounts, to 31 December 2020, show a loss of some $58m.

To hear more about the airfreight market, check out today’s Loadstar Podcast air cargo special.