VIP 727
I understand the Geneva trip was even more costly, as they had to pay Biggin £35k in outstanding fees before being allowed to depart!
The definition of insolvency is when a company is unable to pay it's creditors on time (whether the money is borrowed or not) and/or the liabilities exceed the assets. Staff are creditors of the company and therefore if the wages cannot be paid, the company is insolvent and the directors have a legal responsibility to cease trading and advise the authorities (including the CAA). These are the simple facts and are not aimed at MK specifically Exup.