I have read the Moore Stephens 'EAAC - Proposed Company Voluntary Arrangement 17/3/04' document as provided to creditors...and have found a number of issues which maybe of interest/worthy of comment to those involved (as an outsider reading this thread on Pprune, pls dont ask me to give u chapter and verse however this document is I believe public domain and filed in the Birmingham District Registry of the High Court)
Steven Woodland - mentioned many times above as 'handed control' - his name doesn't appear on the list of past /present Directors of EAAC - Appendix B Statutory Information?!
Those owed 'wages' are considered 'Preferential Creditors' and as such are being given 100% under the CVA (albeit in 3 payments upto 2005) or 97% in the case of a Liquidation - I cannot comment on the situation/legalities/intent of the administrators with regard to those made 'Redundant' - this is not clear (to me anyway) in the document.
However 'Notes To Statement of Affairs' section 4 Intercompany Debtors;
European Formula Racing (EFR) - £5,689,000
European Aviation - £454,000
Note says 'EFR is dormant with no assets. European Aviation Ltd. is unable to discharge the balance at present and the balance has therefore been provided for'
So one assumes money went to the/a racing team and cannot/ will not be recoverable?!
This is not an easy document to read or interpret
