Vincent Aviation (New Zealand) Placed into Receivership Too

Following on from the grounding and closure of Vincent Aviation Australia in May, the parent company, Wellington-based Vincent Aviation New Zealand, has now also been placed into receivership.

Vincent SAAB 340B ZK-VAB at Cairns  (Photo taken by the FNQ Skies Blog  ©)

See referring post from May 2014 - http://cqplanespotting.blogspot.com.au/2014/05/vincent-aviation-australia-grounded-and.html

The appointment of receivers for Vincent comes as a result of court proceedings starting last week by the owner of BAe 146-200 ZK-ECO which flew for Vincent Aviation and had been operating largely on Fly-in Fly-out (FIFO) and other charter flights in Australia.

The collapse of the parent company has been largely blamed on the collapse in May of Vincent Aviation Australia which was based in Darwin but owned by Vincent Aviation in New Zealand.  The balance sheet from the Australian arm of the company showed its debts outweighed its assets by A$8.8 million.  The Australian business, although a subsidiary, was much larger than the New Zealand operation and the level of cost that had come back was difficult for the smaller New Zealand business to withstand, Vincent said.