FREQUENTLY ASKED QUESTIONS BY AIR MADAGASCAR

The airline Air Madagascar has published a frequently asked questions, to clear up his situation once and for all.

What was the decision of the Court for Air Madagascar and Tsaradia ?

After examination of the declarations of insolvency of the two companies, the Commercial Court of Antananarivo pronounced on Thursday 18 November 2021, the judgment opening receivership with continuation of activities.

What is the difference between receivership and compulsory liquidation? ?

Reorganization is the procedure applicable in the event of a declaration of cessation of payment, aimed at safeguarding a company. The latter continues its operational activities normally and will settle its liabilities. In this case, creditors are prohibited from committing to it, new actions intended to obtain the payment of invoices or the resolution of contracts for non-payment.

Judicial liquidation is the procedure put in place when a company is in a state of insolvency., no longer has the capacity to honor its debts and that its recovery is manifestly impossible. Liquidation puts a definitive end to the activity of a company.

What is the consequence of the receivership for Air Madagascar and Tsaradia ?

Since the opening of the receivership proceedings on 18 November, the existing liabilities of Air Madagascar and Tsaradia are frozen and this, throughout the observation period expected to last at least 06 month.

The two companies can continue their normal operational activities. The debt settlement procedure is thus launched.

What is meant by debt settlement procedure ?

It is a procedure which aims to propose a debt reorganization plan when a company is in financial difficulty, thus making it possible to preserve its activity and its jobs..

For Air Madagascar and Tsaradia, this procedure makes it possible to find a fair outcome in the interests of all in negotiations with creditors and other financial partners.

Who are the creditors of Air Madagascar and Tsaradia ?

These are the suppliers or service providers. That is, they have debts owed to them.

This may be a supplier whose invoice has not been paid.

Can creditors claim their claims ?

Creditors can claim their claims in accordance with the procedures set by the receivership procedure. All debts of the company prior to the opening judgment must be declared to the judicial representative.

More information on the company's Facebook page Air Madagascar.

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