Administrators has revealed their time costs have hit £2m+
Accountancy Age, 05 Jan 2010
KPMG, the administrators of airline parts supplier Aero Inventory, has billed over £2m in time costs for their first month in charge.
A statement of affairs and creditors' report has highlighted the firm's time cost equate to £2,012,075 for administration work for AIUK and a further £17,000.50 for work in respect of AIPLC, between 11 November and 11 December.
The firm believes it will be able to repay preferential creditors in full and a dividend to unsecured creditors of approximately 1.1p in the pound.
Jim Tucker, Richard Heis and Allan Graham were appointed joint administrators in November.
More to follow.
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