Provisional Liquidators appointed to Priority 1 Group

Damien Murran and Julian Moroney of Teneo Restructuring Ireland were appointed Joint Provisional Liquidators to Priority 1 Leasing Limited, Priority 1 Leasing Holding Ireland Limited and Priority 1 Logistics Holding LLC (together, the “Priority 1 Group”), on Wednesday 24 June 2026.

The Priority 1 Group has experienced a period of sustained financial pressure in recent years resulting in a material deterioration of its financial position. This has been driven by a number of factors including reduced flying activity, significant working capital constraints, increased fuel costs and ultimately European Cargo Limited, its UK based cargo airline going into Administration.

Through its leasing arm, Priority 1 Group has a unique portfolio of long-haul assets well-suited for global cargo networks including a fleet of Airbus A340 aircraft, as well as aircraft engines and additional parts.

The immediate priority for the Joint Provisional Liquidators’ is to pursue a sale of the business and its assets with a view to maximising value for its stakeholders.

Commenting on the appointment of Joint Provisional Liquidators, Julian Moroney Managing Director of Teneo Restructuring Ireland said, “We are committed to maximising value for the Priority 1 Group’s stakeholders through the liquidation process. We will be working closely with the Administrators of European Cargo Limited as we explore the sale of the business and assets of the group. We welcome expressions of interest from potential buyers for the business, as well as its portfolio of aircraft, many of which are airworthy and of distinguished quality.”