er82 - Please accept my apologies, I'll even go back and edit my previous post.
FatFlyer et al - There is no age limit that I'm aware of, and as Ham Phisted pointed out, older pilots have indeed been taken on recently. However I do know of at least one person, with an impressive CV but low hours (just under 1000) and just over 40, that was told he would be a training risk. Personally, given the right qualities and a solid CV, I would have absolutely no problem hiring those in their late 30s/early 40s, for one thing it would mean greater loyalty.
I'm not in charge of recruitment though, so have absolutely no idea of the 'formula' they use with older pilots, and how they judge someone to be a training risk. Perhaps it's because younger guys, fresh out of CABAIR/Oxford, and willing to do anything for that prized first Commercial job, are easier for our Management to push around!