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CASA Annual Report 2003 04 Part 6: Financial reports

Financial statements

Schedule of Contingencies as at 30 June 2004

    2004 2003
  Notes $000 $000
Contingent liabilities      
Claims for damages/cost   700 -
Contingent assets      
Legal Claims   - -
Net contingent liabilities   700 -


Unquantifiable Contingencies

CASA’s legal counsel has advised that there are no unquantifiable contingent liabilities.

Remote Contingencies

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.

Possible Contingencies

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