We are now able to provide creditors with our annual report as liquidators of the company.
Creditors can access the annual report by clicking here
Avient Limited traded as part of the Avient Aviation brand, a global air cargo carrier. The administration as well as the marketing and sales were carried out from the main office in Amesbury, near Salisbury in Hampshire. There was also a base in Liege, Belgium which carried out the servicing of the aircrafts and was the aircraft base.
Works were carried out across the world, although the main focus was in providing services in and around Africa.
In 2009 the company first experienced difficulties as a result of an aircraft crash, followed by the worldwide recession. As a result of the this the company had a significant deficit for some time. The company was able to continue to trade through negotiations with its creditors to allow supply to continue.
At the end of 2012 some of the company’s trade creditors and HMRC were putting pressure upon the company to pay the debts outstanding, threatening action if that was not done. The directors of the company attempted to raise finance to assist with the cash flow, but were unable to do so.
By the end of 2012 the position had worsened, the directors felt that the company could be saved if new directors were appointed who could assist with raising investment and bring new ideas to the company. Very shortly following their appointment the new directors concluded that the company was in fact insolvent and contacted Portland for Insolvency Advice.
Having received this advice the directors concluded that the company should be placed into administration. The company entered administration in April 2013 and traded for a short period whilst trying to find a buyer for the business. An offer was received from AV Cargo Airlines Limited, an associated company. No other offers were received and a sale of the business was therefore concluded to the associated company.
As administrators do not have the power to distribute funds to unsecured creditors the company was placed into liquidation in November 2013 in order that dividends could be paid. To date we have paid two dividends to the unsecured creditors, and will be in a position to pay a third dividend by March 2017.