Creditors of Duo lose £23m
04.12.07
Creditors of collapsed Birmingham Airport based airline Duo have received less than 4p in the pound each from a £24 million trail of debt left when it failed, it has been revealed. A total of £913,000 is to be split between nearly 500 creditors, including Birmingham City Council, the National Exhibition Centre and the airport.
The final creditors' report issued by administrators Deloitte has revealed that the dividend (or final payment) to creditors was just 3.93p in the pound. However, fees and expenses agreed for administrators Deloitte for work carried out following the collapse of the airline total £1,012,000.
Businesses left out of pocket include Birmingham City Council, Saga FM, the Hilton Birmingham Metropole, the NEC and Birmingham 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.
Add to: del.icio.us | Digg it | Newsvine | NowPublic | Reddit
To book birmingham airport hotels or birmingham airport parking at the lowest price click on these links to birmingham airport parking and birmingham airport hotels price comparison pages.
