BusinessBusiness RecoveryKPMG administrators receive second extension on Aero Inventory

KPMG administrators receive second extension on Aero Inventory

KPMG administrators receive another extension since Aero’s collapse in November 2009

KPMG ADMINISTRATORS have received a second extension on the collapse of aircraft parts manufacturer Aero Inventory UK.

Jim Tucker, Richard Heis and Allan Graham, partners at KPMG, were appointed joint administrators to Aero in November 2009.

Usually, administrators are given 12 months to either sell the business as a going concern, break it up and sell it in parts, or enter the business into liquidation. However, the KPMG administrators announced in November 2010 they had requested a two-year extension to November 2012.

Accountancy Age has seen documents, filed at Companies House, approving another extension to the administration period for a further two years, to November 2014.

The AIM-listed company suspended shares in October 2009 following reported problems with inventory levels in accounts for both 2008 and 2009.

Aero Inventory subsequently collapsed and, in March 2011, the Financial Reporting Council’s disciplinary arm started an investigation into the auditors of the business.

Since its collapse, the administrators have found ways to keep the business trading. In March last year they agreed a deal to relaunch the company and transferred stock to a new distribution centre.

The administrators plan to continue trading by building customers relationships and last year created an online business, aeroinv.com, to increase returns to creditors. 

Related Articles

Carillion CFO blew whistle over 'sloppy accounting' months before collapse

Business Recovery Carillion CFO blew whistle over 'sloppy accounting' months before collapse

3m Alia Shoaib, Reporter
Toys R Us UK and Maplin enter into administration after failing to secure buyers

Business Recovery Toys R Us UK and Maplin enter into administration after failing to secure buyers

3m Alia Shoaib, Reporter
How to avoid a Carillion collapse

Business Recovery How to avoid a Carillion collapse

4m Russell-Cooke
Carillion collapse: The week so far and industry reaction

Business Recovery Carillion collapse: The week so far and industry reaction

4m Emma Smith, Managing Editor
Carillion: PwC appointed as special managers – what happens now?

Business Recovery Carillion: PwC appointed as special managers – what happens now?

4m Emma Smith, Managing Editor
Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

5m Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

5m Emma Smith, Managing Editor
KPMG appoints new global head of insolvency

Business Recovery KPMG appoints new global head of insolvency

6m Emma Smith, Managing Editor