The Serious Fraud Office (SFO) is considering whether to launch an investigation into the collapse of Silverjet, the all business-class airline.

A complaint is understood to have been lodged with the SFO after an Arab investment fund withdrew Silverjet’s rescue package at the 11th hour.

Silverjet went into administration at the end of May after failing to secure financing.

The airline, which was floated in May 2006, was the last of three all-business carriers operating out of the UK to remain in business. It followed Eos and MaxJet into bankruptcy, becoming a victim of high fuel costs, the worsening economic environment and the difficult credit market.

Silverjet appeared to have escaped bankruptcy in April when Lawrence Hunt, Silverjet’s founder and chief executive, said he had found a backer. Viceroy Holdings of the United Arab Emirates was said to be ready to invest up to $100 million in the carrier.

Days later Mr Hunt signed a memorandum of understanding with Viceroy to borrow up to £8.4 million. The investment fund was also planning to take a 28 per cent stake in the airline for £4.3 million.

However, when Silverjet tried to draw down $5 million of the loan amount it could get none of the money.

Mr Hunt frantically attempted to secure the financing needed to keep Silverjet flying but was eventually forced to call in administrators.

The SFO is understood to have received a complaint about Viceroy’s involvement in Silverjet’s demise. However, the complaint may not lead to a full investigation if the SFO decides there is insufficient evidence.

Mr Hunt, who is currently on holiday, declined to comment as did the SFO. Viceroy was unreachable for comment.

Times Recommends

• C&G axed - 1,660 jobs to be lost
• UK house prices rise 1.1% as buyers return
• Mixed reaction to US banks repaying bailouts