BusinessBusiness RecoveryKPMG need two more years on Aero Inventory administration

KPMG need two more years on Aero Inventory administration

Administrators from KPMG extend administration of Aero Inventory UK by two years

ADMINISTRATORS FROM KPMG have requested a two year extension on the administration of collapsed aircraft parts maker, Aero Inventory UK.

Jim Tucker, partner and joint administrator, explained that the extension was required to allow inventory to be consolidated in Singapore and then sold on the open market.

“This complex strategy, which is fully supported by the key creditors, could take two to three years to complete, hence the extension to the administration period,” said Tucker.

Richard Heis and Allan Graham were appointed joint administrators to Aero Inventory UK in November 2009, alongside Tucker.

The administration end-date was previously set for 10 November.

Aero Inventory UK suspended shares on the main market in October 2009 due to problems with reported inventory levels in its accounts for both 2008 and 2009.

 

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