P3 Aviation Limited (05033161): administration
- Status
- Administration ended
- Administration began
- 2013-07-04
- Administrators
- Michael James Gregson
- Incorporated
- 2004-02-03
- Location
- Peterborough
- Industry
- 52230 Service activities incidental to air transportation
Why it went into administration
- Funding withdrawn / unable to refinance
- Competition / price pressure
From the administrators' statement
The company was incorporated as P3 Aviation Limited on 37 February 2004, company registered number 05033161
The company was founded by Peter John Allwood (“Mr Altwood”), Peter Graham Taege (“Mr Taege”), Philp Nils Donohue ("Mr Donohue”) and Gregory lain MacLeod (“Mr MacLeod”) All four individuats became directors of the company and held 25% of the company’s share capital
The company’s trade was the management of the tear-down process of commercial aircraft on behalf of third-party funders This process generally involved a funder inttally acquinng an end of life aircraft and then funding both the dismanting costs and then the component repair and certification process The company would then seek to sell the spares on the open market on behalf of the stock funders with an agreement in place with the funder as to the company’s share of the net sale proceeds as the realisation process met certain thresholds As a general rule the funders, such as Charles Willis Leasing of the US, Wa-Ha of Abu Dhab» and Tisbury Ltd of the UK retained ownership of both the aircraft and the items removed from the aircraft
Administrators' statement of proposals (2013-08-27) · Companies House register