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Private company liquidation
Liquidation / Public examination / Forensic accounting
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The matter
Aston Chace was appointed as additional liquidator to online flight booking platform, Fly365, to provide additional resources to conduct the administration and investigation into the company’s affairs. Creditors included customers, third-party ticket holders, airlines and financial institutions with the flight cancellations resulting from the COVID-19 pandemic adding further complications to the matter.
The solution
Aston Chace established a specific communications strategy to manage the high volume of customer inquiries and regularly update creditors. Investigations into the company’s accounts and records were conducted, including forensic analysis to quantify the company’s total deficiency, identify potential claims and voidable transactions, and to validate specific asset recoveries.
The outcome
The liquidators liaised with customers, consolidators, and airlines to maximise refunds to customers. As an ongoing matter, the focus is now on concluding investigations into the events leading to the company’s insolvency, conduct of the directors and funds paid to related entities including liaising with the regulator should the findings result in additional penalties of prosecution.
