Business owner goes bankrupt

"I strived to do the best I could." David French

The director and owner of a Manawatu aircraft refurbishment company has been bankrupted by liquidators hoping to squeeze more money out of the failed business.

Milson Aerospace was placed into liquidation in 2015 at the request of freight company DHL Global Forwarding.

The Manawatu company, which restored aircraft and took care of its own aerospace collection, was owned and directed by David French.

According to their latest report, liquidators Damien Grant and Steven Khov, of Waterstone Insolvency, said they were still investigating the company’s books. They had pursued French for an overdrawn account, which ended in him being made bankrupt, the report said.

French was bankrupted on July 28 in the High Court in Palmerston North.

Investigations into the company were ongoing, and it was too early to say if any money would be given to creditors, the report said. However, no money had been secured for creditors in the past six months.

Inland Revenue was owed $1300, while five secured creditors were owed $38,000 collectively. One of the creditors included Palmerston North Airport, which was owed unpaid storage fees. An end date has not been put on the liquidation.

When the company was put in liquidation, French told the Manawatu Standard he had tried to keep the company going despite suffering health issues. ‘‘I strived to do the best I could,’’ he said.