Two pilots were lucky to survive an ultralight prang after one of the pilots lost control during a take-off and landing training exercise at the Luskintyre Airstrip north-west of Newcastle in NSW

The privately owned airstrip is also home for around 20 DH-82A Tiger Moths and an assortment of other enthusiasts type light aircraft - both pilots were transported to the John Hunter Hospital for checks

Receivers have been appointed to the five companies associated with Heli--Aust who have put the business up for sale including nine helicopters an air operator's certificate and leased hangars at Bankstown Airport

"Heli-Aust's website says the business is fully Australian owned and is one of the biggest operators of helicopters in Sydney and one of the largest helicopter companies in Australia"