Peter Fitzpatrick (Louth, Fine Gael) | Oireachtas source

I asked Mr. Kealy that question because in his opening statement, he said that instances of flight training colleges collapsing is far too common. Mr. Kealy noted that the college in question made a profit of approximately €500,000 in 2010 and that in the 18 months ending June 2012 a loss of €5 million was incurred by the company. Has any satisfactory explanation been offered for the high loss in the period prior to the collapse of the company? Was the company operating differently during that time? It is clear to me that those losses included prepaid student fees, which is wrong.