The Cabair Group Limited (02402810): administration
- Status
- Administration ended
- Administration began
- 2011-11-08
- Administrators
- Mark Robert Fry, Nigel Geoffrey Atkinson
- Administrators' firm
- Begbies Traynor
- Incorporated
- 1989-07-11
- Location
- London
- Industry
- 6220
Why it went into administration
- Creditor pressure / legal action
From the administrators' statement
The Companies are part of the Cabai group of compames (“the Group”) CGL 1s a subsidiary of Cabair International Aviation Limited (“CIAL”), which went into administration on 20 October 2011, along with Over The Pond Limited (“OTP”), which ts also a subsidiary of CGL_ CIAL Is the ultimate parent of the Group CHL and ETL are owned by CIAL. CHL 1s the immediate parent of CGL which itself owns CML and CCAT National Westminster Bank Plc (“Natwest” or “the Bank”) is the largest known creditor in respect of secured indebtedness from CHL and under cross guarantees (supported by debentures) from the other companies within the Group
The Group encountered financial difficulties in 2009 and 2010 As a result, the Group sought additional investment and working capital in late 2010 An investor group invested £2 mitlon into the Group through CIAL which became the new holding company for the Group Since that time, the Group contnued to encounter financial difficulzes and lower levels of demand for its services (manly pilot training), as a result of a general downtum in the market for such services
Two statutory demands were received from Abraxas Aviation Limited (“Abraxas”) against CIAL in the amount of £32,500 (dated 18 August 2011 and expinng on 8 September 2011) and another group company In the amount of £7,200 (dated 25 August 2011 and expiring on 15 September 2011) Abraxas is a company
Administrators' statement of proposals (2012-01-05) · Companies House register