Highland Airways should be dissolved, suggest PwC administrators
Bruce Cartwright and Grant Frost, PwC administrators, suggest the company should be dissolved three months after assets are realised
PwC administrators of collapsed Scottish airline, Highland Airways, is
proposing the company be dissolved.
Joint administrators Graham Frost and Bruce Cartwright proposed the airline
be dissolved three months after assets had been realised in their report to
creditors published this week.
The airliner, which collapsed in March this year, has run into debts of
£3.2m.
The company found itself in financial difficulty earlier this year and filed
for insolvency while waiting for an investor.
Cartwright previously said: “The company had encountered trading difficulties
including the loss of certain contracts. As a result they were in discussion
with a number of parties over a period of time with a view to developing a new
and viable operating model.”
According to the report just secured and preferred creditors are likely to
see any dividend payments.
HMRC are owed less than £600 and are unlikely to be repaid.
Further reading:
Japan
Airlines files for bankruptcy protection