BusinessBusiness RecoveryKPMG bills £6.7m for six months on Aero Inventory

KPMG bills £6.7m for six months on Aero Inventory

Administrators rack up £33.4m in fees for two years work on the collapsed manufacturer

KPMG ADMINISTRATORS have billed £6.7m for six months of work on collapsed airline parts manufacturer Aero Inventory.

The latest progress report shows the administrators’ fees at £6,747,769 for about 15,472.85 hours of work for the six months ending 10 November 2011.

James Tucker, Richard Heis and Allan Graham were appointed administrators to AIUK and AIPLC in November 2009.

In total the administrators have racked up £33.4m in fees for 126,918 hours of work since their appointment two years ago.

The administrators have applied to the courts to pay dividends to unsecured creditors who are likely to receive 9p for every pound they are owed.

Unsecured creditors are owed approximately £58.6m and preferential payments, such as employee wages, come in at about £127,000.

Legal fees for the six months ended 10 November 2011 were listed as £735,552 and top £4.9m for the last two years.

In September 2011 the administrators launched an online business, aeroinv.com to sell assets and increase return to creditors.

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