Premiair Aviation Group Limited (04592860): administration
- Status
- Administration ended
- Administration began
- 2013-01-14
- Administrators
- Alan John Clark
- Administrators' firm
- Leonard Curtis
- Formerly
- Artcrest Limited
- Incorporated
- 2002-11-18
- Location
- Ilford
- Industry
- 51102 Non-scheduled passenger air transport
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
From the administrators' statement
The company acted as a holding company and has previously owned the issued share capital in four trading companies, Premiair Aircraft Engineering Limited, Premiair Aircraft Sales Limited, Premiair Aviation Services Limited and Premiair Business Aviation Limited. At the date of my appointment the only remaining subsidiary company was Premiair Aircraft Engineering Limited.
Apart from employing the staff employed across the group the company did not trade with third parties. However the company had given some cross company guarantees in respect of the obligations of other members of the group.
During 2012 the company and the group generally began to experience severe cash flow difficulties. These were in part due to the withdrawal of the group overdraft facilities by the companies then bankers. The effect of this was in part negated by one of the then directors advancing significant sums to the company.
Administrators' statement of proposals (2013-03-14) · Companies House register