KPMG bill £2m for Aero Inventory administration
05 Jan 2010, Rachael Singh, AccountancyAge
http://www.accountancyage.com/aa/news/1778977/kpmg-gbp2m-aero-inventory-administration
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.
Further reading:
© Incisive Media Investments Limited 2012, Published by Incisive Financial Publishing Limited, Haymarket House, 28-29 Haymarket, London SW1Y 4RX, are companies registered in England and Wales with company registration numbers 04252091 & 04252093
Visitor comments
Theft ????
£1 million pound a month ????????
They're as delusional as Gordon Brown!
"It's not the hours you put in, it's what you produce from what you put into the hours."
Remuneration should be based on results i.e. as a percentage of realisations, net of agents fees!
Posted by: Chris Roger , 06 Jan 2010 | 00:00
Former Employee
hey i used to work for AI,contracted from Square One. All i would say is i am soo glad i made my money and outta there. Like the actor Bill pullman said in the Indepedence day Movie "there like locuses, after soaking up all the natural resource they move on" nuff said.
Posted by: A Concerned Citizen , 05 Jan 2010 | 00:00
What about the unpaid former employees???
As a former Aero Inventory (USA), Inc. employee who is owed around $5200 American from AI, I have to say that I am deeply offended with what appears to be a complete lack of regard by the media for the losses incurred by AI's former employees who have yet to receive their final paychecks.
A $5K loss may seem like nothing in the grand scheme of things but to myself, who is currently in the process of trying to buy my first home, and my fellow unpaid former co-workers, it means ALOT. Shame on you and your faulty news coverage.
Posted by: Andrew Jacobs , 10 Jan 2010 | 00:00
EX AI EMPLOYEE
2 Million where do these people come from..... How dare them , we that where just discarded as pieces of garbage out in the Street on the 11/11/09 last year some of us the much older generation are still looking for work living on £64.00 per week , where do we stand , we had shares in this place will we get any mooney owed ..... this is disgusting that we in the last three months have had no news and I doubt we will ever get any , is any one going to be charged of Fraud?
Posted by: EX AI , 11 May 2010 | 00:00