Court documents from a mid-February hearing in New Zealand’s High Court have revealed the financial position of Pacific Aerospace Limited (PAL) and concerns that the Civil Aviation Authority would revoke the companies certifications.
The hearing was to consider the application of parts supplier International Aviation Support to have a liquidator appointed to PAL over unpaid debts totalling $NZ1.38 million, and an outstanding tax bill of $NZ770,839.
PAL CEO Mark Crouch filed an affidavit stating that the company was unable to pay its debts.
Associate Judge Peter Andrew noted concerns that it would be difficult to find a buyer for the company if the CAA took action to revoke PAL’s manufacturing certifications.
“The companys assets are i…
Read the full article at: http://www.australianflying.com.au/latest/court-documents-set-out-pal-situation