Sharp calls Rex’s $80m bailout ‘extremely disappointing’

With EY Australia still grappling with the recapitalisation and sale of assets, Justice James Stevenson of the NSW Supreme Court was reluctant to allow plaintiff Jet Midwest to proceed with a claim for damages upwards of $US7.2 million ($11 million).

Under a Deed of Compromise approved by the country’s Supreme Court, all shares in Air Vanuatu will be turned over to the government-owned company AV3 and the airline handed back to its management.

The Federal Court heard the last of the witness evidence on Friday (22 March) but lingering questions about the “counterfactual world”, in which the sackings never occurred, has pushed the timeline back.