United Caribbean Airlines, which operated under the name JetAir Caribbean, has been declared bankrupt by the courts in Curaçao, the island in the Dutch Caribbean where JetAir operated from.
The Court of First Instance in Willemstad, Curaçao’s capital, appointed C.M. van Liere and R.J. Vriezen as trustees of the company.
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All JetAir’s flights have been cancelled from 18 June onwards, while the trustees (similar to administrators) assess the company finances and “explore the possibilities” for JetAir moving forward.
A statement shared by trustees and creditors on JetAir’s website explained the bankruptcy proceedings now underway.
“In this initial phase of the bankruptcy, the trustees will conduct an investigation into the company’s assets and explore the possibilities for a potential restart of Jetair and focus on informing employees, passengers, and other creditors and stakeholders,” it said.
Curaçao is part of the Kingdom of the Netherlands, and therefore operates under the Dutch state.
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By GlobalDataUnder Dutch law, the airline’s assets are now frozen, meaning that customers have been told they cannot be refunded immediately for cancelled flights. Instead, passengers and suppliers have been told to contact the trustees, who will assess the claims.
But it’s unclear how long that process of investigation and assessment will take, with the court not wanting to speculate in its statements.
“There is no general timeframe for the duration of a bankruptcy. This depends partly on the outcomes of investigations into the causes and legality. If, for example, legal proceedings need to be conducted, the settlement of a bankruptcy is a lengthy procedure,” the statement on JetAir’s website said.
