AC was a director of Aero engineering, but suspect he would have preferred no liquidations at all.
One other thing I forgot to mention in the analysis; we did manage to obtain as part of the financial recovery plan a quote from an alternative engineering outfit to provide all 50 hour and remedial work on site, plus 150 and annuals at a nearby facility, at a total cost for the fleet of approx 30K/ann, much cheaper than even the losses of Aero Engineering, and giving us clarity about the true engineering costs, to allow us to build that into the hourly rates.
On this basis and as I stated previously, Aero engineering was simply non-viable. Liquidation had the additional benefit of wrighting off some of the total debt namely BP and some of the IR debts. Whilst you might argue this was immoral, BP a very large company with very big profits, and an assurance that Aero club would continue to have fuel subject to pay as you go, frankly in the dire strates we were in, liquidation was the only sensible option for engineering. No criticism of the existing engineer was implied in this decision, indeed as an engineer I and others had the greatest confidence in him, however the engineering business was for a variety of reasons not financially viable.
With regard to financial irregularities, we only identified one area where, prima facie there appeared to be evidence of wrong doing (that is not to say there were not other areas, it is only to say that this was the only area that was apparent to us in the documentation made available to us), in relation to a former chaiman's expenses. Apparently BL signed over a mandate for the club account without reading the small print. This permitted the chairman to have sole signatory authority over the club accounts. An internet facility was established, and a debit card issued. The statements showed several money transfers to the chairman's account for several thousands of pounds and the debit card indicated expenditutre, which included payment of vetinary bills. According to AC the Police were informed and solicitors wrote to the said chairman who replied to the effect that the expenses were all justifiable. According to AC/BL no expenses were authorised by them as the other directors. Now it may be that the expenses were justified, but at the very least there was a lack of probity in the way in which these expenses were transfered, and without sufficient explanation, I have asked the administrators to pay particular attention to investigation in this area. The said former chairman might if he reads this like to comment, or indeed contact the administrators to put his side of the argument?
With regard to the JP. As previously stated I am not clear about the precise agreement between the officers of the JP Company and Aero club, but I do know that fees are paid either to the aero club or NIA (because these are reflected in the fixed charges that we pay for the JP), and that the JP is certainly not on the field at the expense of NAC.
Finally may I join in the praise of JO who has been one of the un-sung gentleman heroes of NAC.
IanM