There were too many carriers in ZA. From the moment that 1T and Mango joined the party - it was only a matter of time before one of them went. There will be another - either outright closure or merger. That will be dictated by the price of oil over the next 12 months and the continuing credit crunch.
A relative of mine that is a pilot in ZA (ATPL for 12 years) has warned me for over 8 years not to fly with Nationwide as he did not trust their maintenance. On my visits, I did not use them and warned others not to. Is that fair? Well, poor maintenance was one of the main reasons for their closure.
Terrible of all those involved and, from all that I have heard,
VB will do OK out of this. If any court action takes place - that is where it should be aimed.