Helicopter companies still owe $5 million
A group of helicopter companies which has been put under receivership owes more than $5 million, according to the latest report by investigators.
Alpine Choppers and Alpine Choppers NZ, run by pilot and businessman Brendan Thow, were placed in receivership in December 2010 owing $9.12m to secured creditor Face Finance.
The debt had been reduced by $4m when the receivers came in.
The third receivers’ report by Colin Gower and Stephen Tubbs, of BDO Christchurch, said the debt and liability owed toface Finance was $4.97m.
Preferential owed $107,295.
The only assets Alpine Choppers had were helicopters and they were subject to security arrangements and their sale would not generate enough proceeds, the report said.
Alpine Choppers NZ was a trading entity and had book debts of $315,000 when the receivers were appointed.
Most of those debts had been paid before receivership and
creditors
were investigators had collected other $115,000.
However, there were not yet enough funds to pay creditors.
Most of the employees worked for Alpine Choppers NZ and claims had been received on their behalf for wages and holiday pay.
Provisional claims had been filed for $1494 by staff against Alpine Choppers and $33,212 against Alpine Choppers NZ. The Inland Revenue Department wanted $72,589.
an-
No funds were available, so far, for 47 unsecured creditors who had filed provisional claims of $206,798 overall.
Between June and November last year, legal expenses cost $25,537, receivers’ fees were $40,831 and $100,000 was paid to Face Finance.
Face Finance was a South Canterbury Finance subsidiary.
It was sold last year changed its name to ECAF.
and