Friday, 26 June 2015
PKF Cooper Parry appointed administrators by Arrcam
Administrators from business advisory firm PKF Cooper Parry have been appointed by Arrcam after the company’s affairs fell into difficulty.
Tyrone Courtman and Nicholas Edwards were appointed joint administrators to Arrcam by the company’s directors following the loss of a major contract with its Principal customer, GA Telesis Inc.
Arrcam had been trading for around three years from its Bruntingthorpe proving ground and its services included aircraft recovery, aircraft maintenance, recycling and care.
Most recently, it secured a contract to recycle a number of Boeing 747- 400’s for a US-based customer, GA Telesis, which itself had secured a contract to break-up the aircraft for one of the world’s major airlines.
Unfortunately, before the first of the aircraft was completed, a dispute broke out between Arrcam and GA Telesis, causing the customer to terminate the contract, which immediately crystallised the financial difficulties the business was facing.
Tyrone Courtman, partner at PKF Cooper Parry, said “Our first priority was to secure the assets with a view to maximising their recovery and realisation for all of the company’s creditors.
“It appears that Arrcam had in fact ceased trading some time before we were appointed and that the around 30 sub-contractors who were engaged in assisting the company with its business, had already been made redundant.”
“We are currently investigating the circumstances surrounding the termination of its GA Telesis contract and are endeavouring to provide to customers the property that some desperately need, while the same time seeking every opportunity to maximise Arrcam’s leverage for all its creditors.
“It is unlikely that we shall be able to effect a sale of the company’s business and assets as a going concern, but will be looking to effect a better realisation of the company’s assets than would have been the case had the company proceeded into voluntary liquidation.”
Parties wishing to express an interest in the company’s plant and equipment used for the breaking and handling of large commercial aircraft, should contact the appointed valuation agents, Lambert Smith Hampton.
“At the present time, it is too early to say what the dividend prospects will be for Arrcam’s unsecured creditors, although we are hopeful of being in a better position to do so within the next 6-7 weeks,” added Tyrone.
“I would be very interested in hearing from anyone who can shed any light on the company’s activities, its assets and its liabilities.”