One of Australia’s biggest helicopter companies crashes into receivership

A helicopter charter and helicopter engineering maintenance company has entered receivership and is being put up for sale.

An advertisement was placed in The Australian Financial Review today for the sale of the business and assets of the Heli-Aust group, which is based at Bankstown airport.

The group is made up of five businesses: Heli-Aust, Heli-Muster, Aero Support, Heli-Aus Investments and Wieland Helicopter Company and it has less than 30 employees.

Heli-Aust’s website says the business is fully Australian owned and is one of the biggest operators of helicopters in Sydney, and one of the largest helicopter companies in Australia, with operations conducted all over the country.

Its helicopters are used for fire fighting, flood relief, advertising, construction and agriculture.

Jenny Nettleton and David Winterbottom of Korda Mentha were appointed as receivers two days ago.

The receivers have moved swiftly to put the business and assets up for sale with key assets including nine helicopters, an air operator’s certificate, leased hangars at Bankstown Airport, assorted aviation stock and an engineering plant and machinery.

Nettleton told SmartCompany it was too early to determine the extent of Heli-Aust’s debt or what led to the business’ downfall.

“We have placed an advertisement in the paper and we have already had a number of calls,” she says.

Expressions of interest for the business are being sought by February 18.