AIR ADS Limited (03872391): administration
- Status
- Administration ended
- Administration began
- 2022-07-18
- Formerly
- A 2 B Aviation Limited
- Incorporated
- 1999-11-05
- Location
- Wilmslow
- Industry
- 51210 Freight air transport
Why it went into administration
- Cash flow / liquidity pressure
From the administrators' statement
Creditors should note that, unless otherwise stated, this section of my proposals has been prepared based on information provided to me by the director of the Company and not from my personal knowledge as Administrator.
It is understood that following the death of one of the shareholders there has been an ongoing dispute between the director, the remaining shareholder, and the executors of the estate of the deceased shareholder. The death of the shareholder caused an issue in terms of the bank mandate and the dispute ultimately resulted in the freezing of the bank account.
The dispute has not been resolved and has resulted in the business being unable to meet its liabilities as and when they fell due despite funds being available to do so in the company bank account. The director having realised that the dispute was not going to be resolved, and having regard to his fiduciary duties took steps to place the company into administration in order for the administrator to be able to deal with the company assets.
Administrators' statement of proposals (2022-10-05) · Companies House register