黑洞社区

The collapse of Airedale Mechanical & Electrical has left creditors 拢9.3m out of pocket.

The shortfall comes despite efforts by administrator KPMG to sell the company鈥檚 remaining assets, including a private plane valued at 拢244,244.

All 132 staff were made redundant when the 拢66m-turnover Leeds-based firm It is one of to have collapsed in recent months, and was the largest to fall into administration since MJN Colston collapsed in February.

According to a creditors report filed with Companies House, the firm owes 拢9.3m to creditors.The company鈥檚 largest unpaid trade creditor is Birmingham-based Newey & Eyre Limited 鈥� part of electrical parts giant Rexel 鈥� which is owed 拢1.6m. The bank Santander is owed 拢996,622 in loans and an overdraft facility.

The report added that at the time of entering administration the firm has 26 unfinished projects, with a combined value of 拢7.15m.

In its report KPMG said Airedale had been trading profitably as recently as the 鈥渆arly part of 2012鈥� but falling profitability, the collapse of one of its trading subsidiaries AEL in May and major customers deferring payments and paying suppliers directly had contributed to the company鈥檚 ultimate failure.

Airedale became liable for debts of 拢1.7m when its subsidiary AEL entered administration on 23 May, KPMG said.

The administrator said these factors led to a 鈥渞equirement for a large cash flow injection that the directors were unable to source鈥�.

Creditors Rexel and Speedy Asset Services also issued a winding up petition against the company, KPMG said.

KPMG consulted with Airedale directors prior to its appointment as administrator and found 鈥渢hey did not wish to pursue a sale鈥�.

KPMG consequently sought to 鈥渞ealise the remaining assets of the company on a break up basis鈥�.

Among the company鈥檚 assets is a Diamond Twin Star DA42 light aircraft that has been grounded at Southend Airport since May, after a mechanical fault forced the plane to perform an emergency landing.

KPMG has instructed repairs be undertaken before the aircraft is marketed for sale.

Among the assets KPMG has managed to sell is a company car for 拢4,928.60 鈥� KPMG has also recovered 拢12.73 in petty cash from Airedale鈥檚 offices. The report said that the firm had 55 vehicles, of which seven were owned and 48 were subject to operating leases.

KPMG said it has so far incurred costs of 拢141,909.50, representing 564.45 hours at an average hourly rate of 拢251.41.

In a breakdown of its costs provided with the report, KPMG said it had charged 拢175 an hour to redirect Airedale鈥檚 mail. The total cost of mail redirection so far amounts to 拢17,500 for 100 hours work.