Originally Posted by
wigglyamp
Wycombe Air Centre was not taken over as a gong concern but rather as sale of the trade and assets. As such all approvals were lost (hence the new applications mentioned by Smarthawke) and the trade creditors have NOT been paid.
The press release announcing the take-over by Aurora was issued before any formal announcement to creditors of the administration, so many creditors (us included) believed our debt would be safe and taken on by the new owner as part of a going-concern takeover. I feel we were rather misled!
Only have the 2010 Annual Accounts to hand but Wycombe Air Centre seemed to be a thriving business - growing balance sheet and decreasing bank loan, etc. Anybody know how come it suddenly went into administration?