CASA Annual Report 2003 04 Part 6: Financial reports
Schedule of Contingencies as at 30 June 2004
|Claims for damages/cost||700||-|
|Net contingent liabilities||700||-|
CASA’s legal counsel has advised that there are no unquantifiable contingent liabilities.
At 30 June 2004, CASA had a number of legal claims that arose out of proceedings brought by third parties against the Authority, for which CASA has insurance cover for all claims. In all other cases, CASA has denied liability and is defending the claims. The probability of future payments as a result of these claims is remote.
Sydney Heli-Scenic Pty Ltd has placed claim against CASA for economic loss resulting from a failure by CASA to reinstate an Air Operator’s Certificate (AOC). The possible financial effect to CASA is an estimated payment of $700,000 if Sydney Heli-Scenic Pty Ltd is successful with its claim. CASA is currently in the process of determining if CASA’s insurance policy covers this claim.
The above schedule should be read in conjunction with the accompanying notes