Is a positive balance sheet required or is having a bit of cash to pay some of the bills enough to continue

 Is an airline that is living on the cash prepaid for cancelled flights technically in breach of the law.

Why is governments letting airline that have depleted their assets to such a degree that debt far outweighs any assets, so in reality a negative balance sheet, continue on running as long as they have cash to pay some of their bills. Not only refusing to refund customers whos flights didn't happen but also handing out worthless pieces of paper and calling them points. Taking even more money from more customers running up even bigger piles of debth.

The boards of these airlines must be in jeopardy risking both business quarantines and teoretically time in the slammer. There is no way any accountancy firm is going to sign off on any of their accounts when that time comes. Which may be why some of them are running for the hills.

They who pay far in advance for tickets with these outfits are taking a huge risk and in some countries both travel insurance companies and banks have warned tha they will not be refunding any money that haven't resulted in flights.

Isn't it strange that it is nearly impossible for customers of an airline that didn't get the flights they paid for, or a refund, to demand the outfit bust but much easier for suppliers to the airline to go down that route even for small sums if not paid. It leads to some going on for far longer than they should at an higher costs for everybody that it should have been.

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