1Time - Provisional Liquidation

Provisional Liquidation

On 22 August 2012, it was reported that 1time had filed for business rescue to give it protection from its creditors because it was "financially distressed".

1time ceased operations and filed for liquidation on 2 November 2012, cancelling all flights and stranding hundreds of passengers, after a final meeting with shareholders. The airline's final flight was at 15:00 on the day it was liquidated. The airline later issued the following statement on its website:

1time Airline has applied for business liquidation (02.11.2012) and that all of its operations have been grounded with immediate effect.

The business rescue practitioner has advised that there are no reasonable prospects of survival as a potential financier notified us this afternoon that they are no longer able to invest in our airline. It is therefore with the utmost regret, disappointment and heartfelt disbelief that we have to file for liquidation, which means the end of a dream and an era for all of us.

"I sincerely thank our employees who worked so hard over the years to drive 1time's business, the travel trade who have been steadfast in their support, and our passengers who carried and maintained 1time during our most difficult and trying financial times, your loyalty is appreciated.
Although 1time ceases to exist, the airline that we've built up through blood, sweat, tears and undeniable passion, will live on in the hearts of our passengers and also our competitors, who know that they have lost a formidable and world-class player in the low cost market."
Blacky Komani (1time Group CEO)

On 6 November 2012, Dr Gerhard Holtzhauzen, 1time’s business rescue practitioner, filed an application for the termination of the Business Rescue proceedings, and for the airline to be placed under provisional liquidation. The North Gauteng High Court subsequently issued a provisional liquidation order on 7 November 2012, and decreed that that the return date for the order would be 11 December 2012, at which time the court will rule on the final closure of the business.

On the same date, the Master of the High Court appointed Aviwe Ndyamara as the provisional liquidator. Ndyamara is currently (November 2012) investigating the affairs of the company and has commenced his statutory obligations as provisional liquidator, which involve engaging with all stakeholders in interrogating various options of investment into 1time Airline (Pty) Ltd Registration Number 2003/020975/07, with the ultimate objective of reviving the company and saving jobs.