IAA was warned on college’s finances

The Irish Aviation Authority was warned as recently as last September that the €85,000 fees paid by cadets training with Pilot Training College Waterford were at risk as the company could be in financial difficulty.

A British citizen who had contact with former PTC trainees made his complaints by telephone and in a letter to the IAA’s personal licensing department.

Timothy Rouse pointed out to the IAA that its most recent accounts showed a shareholder deficit of nearly €3m. The same publicly available accounts show that at the end of 2010, profit before tax was €136,036, but that the company had net liabilities of over €2m.