UHI Perth principal revealed £1m debts in failed business just days before resignation
More than £1 million is owed by a Perth aviation firm which collapsed into administration last month.
Air Service Training (Engineering) Limited was fully owned by UHI Perth. It trained thousands of pilots and aircraft engineers since it was established in 1931.
In one of her last acts as principal and chief executive of UHI Perth, Dr Margaret Cook provided a 'statement of affairs' estimating the debts in the business.
Dr Cook resigned with immediate effect from her post at UHI Perth last week.
It followed the revelation that the institution is battling a £2m deficit.
The statement of affairs is a document provided by a company director giving their estimation of assets and debts at the time of administration on April 10.
The document was provided by Dr Cook on May 8, and has now been lodged at Companies House.
She stepped down just six days later following calls for her to resign from the crisis-hit organisation.
The document shows current and former employees are owed around £417,000 in wages, holiday pay and pension payments.
More than £158,000 is owed to HMRC for VAT, national insurance, corporation tax and student loan repayments.
Debts listed as 'consumers claiming amounts paid in advance' – students and business who had paid for training – is another £486,000.
The total Air Service Training debts are estimated as £1,053,000.
Assets within the business expected to raise around £250,000. Assets include a cash balance of £133,000, trade debtors, machinery and vehicles.
Dr Cook resigned as a director in Air Service Training on May 13.
Since its formation, Air Service Training has trained more than 190,000 engineers and pilots from approximately 150 countries. The business had 28 members of staff when it went into administration.
Air Service Training was earmarked for £8m of Tay Cities Deal cash to create a national aviation academy.
Administrator Shona Campbell, of Henderson Loggie, recently said a closing date had been set for the business after dozens of enquiries. However, no offer emerged.
She said: 'Despite interest from 51 parties, no suitable offer was received for the purchase of the business as a whole.
'As a result, an online auction of Air Service Training (Engineering) Limited's physical assets is now live and will close at 11am on May 28.
'We remain committed to supporting students, ensuring they can complete their courses and receive certification for completed exams.'
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