Two former Alta Gas senior executives have changed their pleas to guilty after they previously denying more than 30 alleged offences in relation to the collapse of Merseyside-based Alta Gas in 2001.

Ex-finance manager Peter Stott, of Turton in Bolton, admitted in Liverpool Crown Court to six counts of false accounting, involving £2m, while ex-managing director Peter Bradley admitted a charge of fraudulent trading.

Alta Gas attracted investment from 3i, Mezzanine Management and Barclays Capital before the discovery of ‘fresh air invoicing’ which had enabled it to overstate its turnover by £9m and secure finance from lenders, according to Crain’s Manchester Business reports.

The court heard Barclays lost £11.5m. Bradley, who fled to Spain where he was arrested in 2006, will be sentenced along with Scott on April 30.