25 October 2014

Sad News for Vincents

Wellington-based aviation company Vincent Aviation, which has about 30 workers, has gone into receivership. In a public notice released today, Stephen Tubbs from BDO was appointed receiver of the company, which was established in 1990 and is based at Wellington Airport. The move comes after an application to liquidate the company was lodged last week lodged in the High Court by ANCL Investments. Owner Peter Vincent said last week that the action taken by ANCL Investments was a "serious situation" for his company. He blamed the collapse in May of Vincent Aviation Australia, based in Darwin but owned by Vincent Aviation in New Zealand. The balance sheet from the Australian arm of the company showed its debts outweighed its assets by A$8.8 million (NZ$9.86m). Vincent said the application to liquidate its New Zealand operations related to lease and maintenance provision payments for a BAe 146 aircraft, known as a Whisperjet. "The problem is the income generated by that aircraft is caught up in the Australian receivership, but the costs in relation to that aircraft are coming back to the New Zealand entity," he said. The Australian business, although a subsidiary, was much larger than the New Zealand operation and the level of cost that had come back was difficult for the smaller New Zealand business to withstand, Vincent said. The company carries out flight operations, administration, engineering, planning and compliance, as well as charter flights. It has two dedicated hangars at Wellington Airport to perform the engineering and maintenance on the company's fleet, and to provide servicing and maintenance for third-party aircraft. About two weeks ago helicopter company Helipro, which has bases throughout the country including in Wellington and Palmerston North, was placed in receivership, potentially owing tens of millions of dollars.

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