Soar Aviation Directors Deny Firm Was Insolvent for a Year

Soar Aviation’s directors have denied claims by KPMG that the firm could have been insolvent for up to a year before it entered administration, Australian Aviation can reveal. A new note to creditors authored by the professional services firm also said the flight school’s directors maintained they “sought and obtained funding” required to run the company in January 2020. Australian Aviation reported last week that KPMG believed the firm was insolvent “from as early as” January 2020, despite only entering voluntary administration in December 2020. Its collapse has left unsecured creditors owed hundreds of thousands and many of its current trainees in limbo. However, a new ‘addendum’ report from KPMG to creditors now states, “It is the preliminary view of the Administrators that the date in which Group became insolvent is likely to have occurred during the period January 2020 to 24 December 2020. Read more.