On the surface, it looks like one giant flying aviation pyramid scheme.
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The depth of despair JetGo was operating under, as illustrated by a report into the failed airline’s administrators to the Australian Securities and Investment Commission (ASIC), is nothing short of staggering.
The company’s liabilities are shown to be up to $38.7 million dollars.
The stark reality was, the report indicates, the company’s maximum “realisable” assets are $142,940.
That figure is not a typo.
When the dust was brushed off the company’s books it appears the only thing that kept JetGo flying was the piece of paper to say they could.
This means the more than 10,000 people who are owed money by the embattled airline are unlikely to get anything back. Not a cent.
This was an airline company flying around the country, from various regional airports and operating six aircraft.
Those responsible for this company have some serious questions to answer.
How this company could be operational and clearly in the horrific financial position it was beggars belief.
No doubt the relevant authorities should be looking long and hard at the operation of this company before the Illawarra Mercury brought the company's financial difficulties out of the shadows and into the light.
When the Illawarra Mercury first approached the company of rumours of its financial difficulties we were assured that all was good.
The more we dug, the more we found and soon after we started to reveal the truth behind the company’s plight, the facade quickly crumbled.
What was left behind the plaster walls was a mass of people out of pockets.
Councils and businesses owed massive amounts.
Customers left with nothing but a plane ticket and false hope.
The Shellharbour council is not one of the biggest creditors but it’s claim of money owed by JetGo is not insignificant at $403,404. Like everyone else, council is unlikely to see any of that again.
Ratepayers across the country are right to be asking the many councils who did business with this company how these debts were allowed to accrue.
What an absolute bloody mess.