The bankruptcy of its Australian unit in May has led to the downfall of New Zealand’s Vincent Aviation. Vincent Aviation (Australia) ceased operations and was liquidated in May. According to Vincent’s founder and owner, Peter Vincent, the major reason for its problems was mining company Rio Tinto’s last-minute cancellation of a NZD50 million contract for the airline’s BAe 146-200, ZK-ECO (msn E2130). “The price of iron ore dropped and the next minute the board of Rio Tinto canned all new projects, and that was one of them,” he told the Wellington’s Dominion Post. The losses that Vincent Aviation incurred led to the liquidation of its Australian unit, and that in turn brought down the New Zealand parent. “The problem is the income generated by [ZK-ECO] is caught up in the Australian receivership but the costs in relation to that aircraft are coming back to the New Zealand entity,” Vincent said. ZK-ECO remained parked at Wellington since her return from Australia on 28 May. On 5 October, however, she was ferried to Auckland, with her titles and most of the tail logo painted out.