Creditors of collapsed Birmingham airline Duo left £23m out of pocket
04.12.07
Creditors of collapsed Birmingham Airport based airline Duo have received less than 4p in the pound each from a £23 million trail of debt, it has been revealed. Just £913,000 is to be split between nearly 500 trade creditors, including Birmingham City Council, the National Exhibition Centre and the airport.
The final creditors' report issued by administrators Deloitte reveals the dividend to creditors was just 3.93p in the pound. Meanwhile, fees and expenses agreed to administrators Deloitte for work carried out following the collapse of the airline total £1,012,000.
Prominent Midland businesses left out of pocket include Birmingham City Council, Saga FM, the Hilton Birmingham Metropole, the NEC and Birmingham International Airport. A number of overseas travel groups, including Air France, Lufthansa and Aeroport de Paris, were also among the victims of the airline failure.
Duo, which grew out of the former Maersk Air operation at Birmingham Airport, collapsed in the spring of 2004. The failure saw a total of 340 staff laid off.
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