Just a quick further explanation Borg32.
Once the fuel company stopped delivering, we looked at refuelling away from base, but of course aviation is a small world, and the word was out. Before too long (about two hours), caterers, ground handling and the airport all wanted monies owed them (none of which was overdue BTW). The next thing that happened was that travel agents stopped booking and our forward reservations dried up. Many pax re-booked with other airlines after a news item on the local radio station... and on it went. The point was that it didn't take long for it to become clear that only a miracle would save the company- banks might have had confidence in us, but too much damage had been done for them to be happy about just doling money out to us.
Most small airlines lead a fairly hand-to-mouth existence. They may be getting good load factors and be in profit, but it takes very, very little in this industry to upset the apple cart- consumer confidence is everything. Many airlines, large and small, have found this out to their cost- and many of them might have been able to trade out of any difficulties in a less unforgiving industry. That is why smaller airlines often fail after a serious accident.
Anyway, I agree, nice chatting aboutt his stuff!