Insel Air Aruba has been granted temporary bankruptcy protection

Insel Air Aruba N.V. has requested and has been granted temporary bankruptcy protection status by the Court of First Instance of Aruba until at least June 7th, 2017. On June 7th, 2017 the Court will have to decide if the bankruptcy protection is extended beyond that date. Such protection can last up to one year and a half. The consequences for the airline is that an independent administrator has been appointed to Insel Air Aruba and that the managing-directors of the company can’t legally bind the company without consent of the administrator. During this period the company enjoys certain protection from creditors. During this timeframe creditors can consider whether or not to further pursue their claims against the companyinsel.

At this point it is not known if Insel Air International B.V., based in Curacao, will also request such bankruptcy protection from the Court of Curacao.

#arubaguy #thearubaguy #arubalawyer #lincolngomez

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