The staggering number of creditors are unlikely to receive a cent, with the failed carrier listing a bed, table and chairs among its few assets.
The staggering number of creditors are unlikely to receive a cent, with the failed carrier listing a bed, table and chairs among its few assets.

Airline goes busts owing workers and creditors $1.23m

DOZENS of employees and creditors are owed a staggering $1.2 million following the collapse of a Brisbane charter airline, with many unlikely to be compensated.

Great Northern Aviation Pty Ltd, trading as Compass Jet, operated two luxury aircraft as an "exclusive charter service for destination tourists, sporting teams and VIP executives" before it was ordered into liquidation by the Supreme Court last month.

Now the extent of the Brisbane Airport-based company's financial woes can be revealed, with a report on its finances showing workers, the tax office and aviation services businesses are among 45 out of pocket.

Workers at the failed Queensland charter airline are owed a whopping $148,549 in wages, holiday pay and superannuation.

The collapsed carrier also has a long list of creditors, which are owed $1.238 million.

Calls to the airline's director John Sheppard this morning failed, with the company's phone now disconnected.

An application to wind-up the business was lodged in the Supreme Court in May by Mark O'Rourke, who is listed a priority creditor of the company owed $15,068 in wages, superannuation and holiday pay.

Great Northern Aviation was founded in 2015 and flew two Canadair Regional Jet airliners.

The largest creditors are the Australian Taxation Office, owed $101,236; Aviation Industry Audits, owed $89,299 and company executive Tad Nakajima, owed a massive $493,691.

The chain of creditors receiving a dividend appears slim, with Compass Jet's $45,650 in assets limited to two cars, computers, office and home furniture.

The luxurious high-flying airline lists a double bed, bedside tables and dining chairs worth $1000 among those assets.

Originally published as Brisbane airline busts owing workers, creditors $1.23m


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