Over the Pond Limited (03663242): administration
- Status
- Administration ended
- Administration began
- 2011-10-20
- Administrators
- Mark Robert Fry, Nigel Geoffrey Atkinson
- Administrators' firm
- Begbies Traynor
- Incorporated
- 1998-11-06
- Location
- London
- Industry
- 7499
Why it went into administration
- Creditor pressure / legal action
From the administrators' statement
The Company was incorporated on 6 November 1998, and is part of the Cabair group of companies (“the Group”) The holding company of the Group ts Cabair International Aviation Limited (“CIAL”) National Westminster Bank Plc (“Natwest”’) is the largest creditor and is owed monies under a cross guarantee (supported by a debenture) in respect of the indebtedness due from other companies within the Group
The Company's only asset was shares held in several substdianes based in the United States (“US”) The Company owned approximately two-thirds of the US shares and CIAL, also in administration owned the other one-third
The Group encountered financial difficulties in 2009 and 2010 and thus sought additional investment and working capital in late 2010 Through CIAL, an investor group invested £2 million into the Group Nevertheless, the Group, whose main services relate to pilot training, continued to encounter financial difficulty and lower levels of demand for its services, mainly because of a general downturn in the market for such services
Administrators' statement of proposals (2011-12-16) · Companies House register