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View Full Version : Collapse of Air Australia (2012)


Icarus2001
9th Jun 2018, 09:28
So this collapse occurred six years ago. With the recent "voluntary administration" of Jetgo I thought it might be a useful exercise to see how the collapse of Air Australia treated the owner Mr Michael James.

https://www.smh.com.au/business/collapse-costs-creditors-millions-20120217-1tea8.html

So I can find references to his wife registering a travel business two weeks after the collapse of the airline. Then in 2014..https://www.smh.com.au/business/boss-of-failed-air-australia-returns-to-travel-industry-20140824-107sla.html

Then in 2016...https://www.news.com.au/travel/travel-updates/online-travel-agency-bestjet-discredited-due-to-failed-airline-bosss-influence/news-story/ecc228abb083dda0a60ada1c1b2faaef

So it would appear no prison time for insolvent trading and no news stories about massive fines. This guy left debts of $100 million and stranded 4000 passengers in various countries.

Given how badly the WATCH dog ASIC has regulated and watched the banks with what we know from the Royal Commision there is little chance the CEO of Jetgo will get to face the music?

Does anyone know any more about Mr James?

SIUYA
9th Jun 2018, 09:51
Icarus...…….check your PM.

tail wheel
9th Jun 2018, 22:25
It is required to prove a Director or Board knowingly traded a company whilst insolvent, which is not always as simple as it may appear.

And ASIC is often not as proactive as it should or could be.

Michael (David) James (http://connectonline.asic.gov.au/RegistrySearch/faces/landing/SearchRegisters.jspx?_adf.ctrl-state=19pikzgtar_21)was a Disqualified Person from 22 November 2013 to 21 November 2016.