I hope Elia and his "legal team" has more success in getting financial information out of th club than the membership!
The problem appears to be due to records being scattered between various committee and former committee members houses and various computers (not all on site), coupled with a complex accounting system between the two separate companies, Aero Club and Aero Engineering. It is doubtful whether any committee member other than perhaps one or two ever had a full financial picture, particulalry since not all club committee members were directors of both companies.
The financial recovery plan presented at the AGM was put together based upon the research of a qualified accountant member [LH](who incidentally gave willingly much of her own valuable time for the club pro bono), but she was unable to access several key pieces of information, and had to resort to making best guesstimates to calculate cash flow and profit/loss forecasts.
The best guess of the total debts in October was somewhere between £150K and £180K (including the scheduled loans on two aircraft). It was unlikely, even at that time, whether there were sufficient assets to meet creditor liability. With no income and continued regular expenditure since the aircraft were impounded, that picture must have worsened significantly.