Cabair International Aviation Limited (07464761): administration
- Status
- Administration ended
- Administration began
- 2011-10-20
- Administrators
- Mark Robert Fry, Nigel Geoffrey Atkinson
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2010-12-09
- Location
- London
Why it went into administration
- Creditor pressure / legal action
- Parent or group failure
From the administrators' statement
The Company was incorporated on 9 December 2010, and 1s part of the Cabair group of companies (“the Group”) CIAL is the holding company of the Group 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 main asset with a realisable value was shares held in several subsidianes based in the United States (“US”) The Company owned approximately one-third of the US shares and Over The Pond Limited (‘OTP"), another company within the Group (also in administration), owned the other two-thirds
The Group encountered financial difficulties in 2009 and 2010 and thus sought additional investment and working capital in late 2010 Through the Company, an investor group invested £2 million into the Group Nevertheless, the Group, whose main serices 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