Ailing regional airline JetGo may have been trading insolvent for almost two years before it filed for administration, during which time it set up a number of new regional flight routes including those in and out of the Illawarra.
The report to creditors who are owed about $38 million with most unlikely to receive a cent if the company is wound up this week, as recommended reveals a damning picture of the airlines financial health over several years.
In a report to the Australian Securities and Investments Commission (ASIC), administrator Jonathan McLeod said his firms analysis of the companys balance sheets showed the airline may have traded while insolvent since at least June 30, 2016.
During this time, the administrators said JetGos wo…
Read the full article at: http://www.illawarramercury.com.au/story/5500882/jetgo-trading-insolvent-for-almost-two-years-before-collapse/
