Yahoo Finance Major airline enters voluntary liquidation
Air Vanuatu has been placed into voluntary liquidation, with Australian liquidators stepping in to wind up the beleaguered airline as it cans international flights.
In a statement, Ernst and Young Australia confirmed Morgan Kelly, Justin Walsh and Andrew Hanson had been appointed as voluntary liquidators of Air Vanuatu following a special resolution of shareholders.
It follows a turbulent week for the Vanuatu-based airline – the island nation’s national carrier – after it suspended all flights across the board.
The liquidators will conduct safety and maintenance checks before the resumption of normal operations, Ernst and Young said in their statement.
Affected travellers will be informed of this disruption and rebooked on flights as soon as operations resume.
“Air Vanuatu is critical to the people of the Republic of Vanuatu and a strategically important business to the nation,” Morgan Kelly, partner in Strategy & Transactions at EY said.
“Our team is working closely with management to ensure continuity of service to customers and to ensure services continue as seamlessly as possible,” said Morgan Kelly, Partner
“The outlook for the airline is positive, despite pressures on the broader industry, and we will be focused on securing the future of this strategically vital national carrier.”
The first creditors meeting will be scheduled shortly.
Air Vanuatu has been particularly affected by disruption of tourism activity due to cyclones, Ernst and Young said.
