Citywing owes £1.88 million to creditors

Citywing has revealed it was almost saved from collapse at the last minute - but a potential investor said they'd need more time to examine its finances.

This morning the company held a meeting for creditors in Douglas with a statement of affairs showing it owes more than £1.8 million.

Managing director David Buck told the meeting the firm has more than £750,000 in the bank and after its assets are sold there'd be a shortfall of almost £440,000.

A list of the company's debts shows Citywing owes the Manx Government more than £42,000.