The first tranche of money owed to creditors by collapsed Dundee flight school Tayside Aviation has been paid.
The demise of the historic business in April left dozens of students thousands of pounds out of pocket. It also cost more than 20 workers their jobs.
The students and their families have since learned they will likely only get back “pennies” of the money they invested.
Meanwhile, Tayside Aviation owner, millionaire businessman Tony Banks has outlined plans to take legal action against the couple from which he bought the business in late 2021.
Now, the first money to a creditor has been paid.
A document published at Companies House shows a charge of £32,329 paid to the Royal Bank of Scotland.
In a previous report, the administrators said they anticipated RBS would receive all of the money it was due.
And a one-page document shows the charge has been paid in full.
Investigation into further Tayside Aviation charges continues
Administrators at Interpath Advisory had previously indicated they were investigating other floating charges. Those were filed in favour of Mr Banks personally, and a company he controls.
A floating charge is a security held over assets, normally made to lenders issuing funds to a business.
Documents show charges were granted in favour of owner Tony Banks personally and a company he controls shortly before the appointment of administrators.
Both of those charges were delivered in April, just weeks before Tayside Aviation entered administration.
A report by the administrators published in May stated: “Dividend prospects to the other secured creditors will depend upon the level of funds available for distribution and our investigations into the validity of these charges which are ongoing at this juncture.”
The investigation into the floating charges in favour of Mr Banks and ARB is continuing, The Courier understands.
A spokeswoman for the administrators declined to comment.
Interpath Advisory is expected to publish an update into the administration process in November.