A UK court has dismissed an application to put start-up air taxi manufacturer Farnborough Aircraft into protection from its creditors. Businessman Geoffrey Galley applied for the dismissal and has invested £500,000 ($730,400) in an attempt to reverse the fortunes of the ailing company.

The application for administration came from a group of shareholders led by founder Richard Noble.

Galley, who received 90.8% support for his efforts at a shareholders' meeting earlier this month, will release his plans to shareholders by 21 June in advance of an extraordinary general meeting on 8 July.

Richard Blain, company secretary of the new Farnborough Aircraft, says Galley aims to make the company "a bankable investment proposition", and plans to commit "in excess of £1 million".

Blain says that the company's vision remains close to Noble's original idea of producing the F1, a cheap, four-seat, high-speed single-engined turboprop.

Source: Flight International