The Biggin Hill firm's statement of affairs is now public. Nine tenths of the debt is owed to its own group, and an HSBC bounce back loan is in the queue.

Waypoint Aerotec Limited owed £486,584.23 when it stopped trading, and expects to realise £11,442.64 to pay it. The Biggin Hill company’s statement of affairs became readable at Companies House this week, three days after it was filed. (Companies House, Waypoint Aerotec Limited, statement of affairs)

When we reported the two Biggin Hill liquidations on 20 August, all four of Waypoint’s filings were marked as still processing and none could be read. (JETMS Completions liquidation: Biggin Hill firms wound up) The document is now public. It sets out, for the first time, exactly who is in the queue.

The gap between the two figures is £475,141.59. That is the estimated deficiency as regards creditors. Add the company’s £1 of share capital and the deficiency as regards members is £475,142.59.

Nine tenths of the debt is owed inside the group

The statement lists eight creditors. Two of them account for £439,526.37, and both are part of the same corporate family as Waypoint itself.

  • JetMS Holdings Limited, of Central Park, Dublin, is owed £286,925.65
  • JetMS Completions Ltd, of 510 Churchill Way, Biggin Hill, is owed £152,600.72
  • HSBC UK is owed £27,783.81, the entry recorded as “HSBC UK (BBL)”
  • ICC Law is owed £12,000.00, at an address the company records as unknown
  • Part21 Sevices Ltd of West Grinstead is owed £3,840.00
  • GMBC, Brian Cook Associates of Haywards Heath, is owed £1,975.00
  • Leon Paul Aviation Services Limited of Horsham is owed £1,331.25
  • PK Networks Ltd of Lingfield is owed £127.80

JetMS Holdings Limited is also Waypoint’s sole shareholder, holding the company’s single £1 ordinary share. JetMS Completions Ltd is the other Biggin Hill company wound up on the same day at the same Teams meeting. (Companies House, Waypoint Aerotec Limited, statement of affairs)

Strip the group out and the money owed to genuinely outside parties is £47,057.86. Most of that is the bank.

Chart showing Waypoint Aerotec's claims of 486,584 pounds against assets of 11,443 pounds, leaving a deficiency of 475,142 pounds
Chart by Sevenoaks Online, from the company's statement of affairs.

The asset that nobody could value

Waypoint’s assets are listed at a book value of £351,389.35. The estimate of what they will actually raise is £11,442.64, and almost all of the difference is one line.

The company’s intangible assets stand at £334,551.98 in the books. Against them, in the column headed “Estimated to Realise”, the director has written “Uncertain”. A £4,636.60 VAT refund is also marked uncertain, and £758.13 of prepayments is written down to nil. What is left is £6,632 of debtors and £4,810.64 of cash at bank.

That intangible asset is the reason the company looked solvent a year and a half ago. Its last accounts, for the year to 31 December 2024, show net assets of £12,060, down from £72,075 the year before. Those net assets exist only because intangible assets of £371,670 sit on the balance sheet above £372,403 of creditors. (Companies House, Waypoint Aerotec Limited, accounts to 31 December 2024)

The accounts describe the intangibles as patents, trademarks and licences, written off at 5% a year. They also carry a going concern note that reads differently now. The company, it says, “incurred losses in the current and previous financial year but had positive net assets”. It forecast further losses. It would “continue to relies on loans from the parent company and other group companies to continue as a going concern”, the wording as published.

Those loans are the £439,526.37 now sitting at the top of the creditor list.

What the document does not show

There are no employees in the queue. The section for creditors who are employees or directors records nought entries and £0.00, as does the section for consumer creditors. Waypoint was an air transport company by trade, registered for non-scheduled passenger air transport, and its staff, if any, are not creditors of it. (Companies House, Waypoint Aerotec Limited, company overview)

There are no preferential creditors, no second preferential creditors and no floating charges. HM Revenue and Customs does not appear. Every claim is unsecured, which means all eight creditors rank equally against the same £11,442.64.

The statement was signed by director Stefan Chevalier on 27 July 2026 and is made under section 99(1) of the Insolvency Act 1986, which puts the duty on a director rather than the liquidator. The liquidators, Stuart Morton and Matthew Howard of Price Bailey LLP in Norwich, filed it on 20 August. (Companies House, Waypoint Aerotec Limited, filing history)

The company’s registered office is no longer at the airport. It is now the liquidators’ office at Anglia House, Thorpe St Andrew, Norwich, and Companies House lists the company’s status as “Liquidation”.

JETMS Completions is still not readable

The larger of the two companies has filed the same set of documents, but a day later. JETMS Completions Ltd lodged its resolution, form 600, LIQ02 statement of affairs and change of registered office on 21 August, and Companies House marks all four “being processed and will be available in 10 days”. (Companies House, JETMS Completions Ltd, filing history)

That puts the readable date at around 31 August. JETMS Completions is the business that matters most locally: its own accounts for 2024 record an average of 49 people employed during the year, down from 67, and net liabilities of £2,412,492. Its statement of affairs will be a much larger document than Waypoint’s, and we will report it when it can be read.

What it means for residents

The statement records the HSBC debt under the tag “BBL”, the standard abbreviation for a bounce back loan, and files it under banks and institutions. Bounce back loans were the Covid-era scheme that lent up to £50,000 with a full government guarantee behind the lender, so where a borrower goes under the taxpayer meets the loss. HSBC’s £27,783.81 ranks alongside the small local suppliers on the list, and against £11,442.64 of assets it is unlikely to be paid in full. (GOV.UK, Apply for a bounce back loan)

If you are owed money by either company, the liquidators are the people to contact, not Companies House. Price Bailey LLP’s insolvency team is at Anglia House, 6 Central Avenue, St Andrews Business Park, Thorpe St Andrew, Norwich NR7 0HR. A creditor who was not listed can still submit a claim.

If you worked for either firm, you can claim from the National Insurance Fund. You need a case reference number from the liquidator first. What you can claim covers:

  • redundancy pay
  • notice pay
  • unpaid wages
  • holiday you did not take

(GOV.UK, Your rights if your employer is insolvent)

One point of geography worth repeating: although both companies give a Westerham postal address, TN16 3BN falls inside the London Borough of Bromley, in its Biggin Hill ward. (postcodes.io, ONS postcode data for TN16 3BN)

Sources

Image: Biggin Hill airport buildings by Stephen Craven, CC BY-SA 2.0, via Geograph.