Mega Maldives is to enter voluntary liquidation after the company failed to secure an investor.
The private airline suspended operations back in May, to restructure their shareholders and streamline operations.
Aviator.aero reported that liquidation was the only option for the airline, following repeated attempts to secure an investor.
Wisham and Co. are to act as litigators for this process.
One of the main issues Mega Maldives faces at the time of liquidation is the outstanding salaries to the staff. In addition to outstanding salaries, Mega Maldives also has a significant debt to the state, which the company is yet to reveal details on.
Maldivian law dictates that any company can be liquidated only after paying any and all outstanding debts.
Local media sources report that around 150 employees are to be paid a total of US$ 400,000 (MVR 6.17 million). The sources also report that sums are owed to Maldives Inland Revenue Authority (MIRA), Maldives Airports Company Limited (MACL) and guesthouses used by the airline staff.
Mega Maldives began operations in 2010 and had traveled to 50 destinations catering to 1.1 million passengers.
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