Waves Technologies Ltd, the parent of Guernsey's troubled Waves (Guernsey), entered voluntary liquidation in mid-September, Guernsey Press reported. The liquidators hope to sell the airline itself, which continues to trade, to an investor and thus settle the debts of the parent.

"It is with a heavy heart that we put Waves Technologies into voluntary liquidation. We hope that if nothing else, the travelling public have seen that there is an alternative," founder Nick Magliocchetti said.

WO1, the company running Waves itself and a fully-owned subsidiary of Waves Technologies, remains active for the time being, although it is dormant as an air carrier.

The start-up operator suspended charter operations in late June 2018 to allow it to "reconsider its business model". It said at that time that it would relaunch at the beginning of September, offering flights between Alderney and each of Jersey and Guernsey. This did not happen due to the lingering debts and licencing issues.

The start-up currently does not have any aircraft. Waves' sole aircraft, Cessna 208B 2-CREW (msn 208B2148) left the Channel Islands in June for maintenance and has been since put for sale at Naples, FL.

Waves received an unrestricted Air Transport License for the Guernsey to Jersey and Guernsey to Alderney routes in early 2018, but did not have the authority to sell individual seats. The local government denied Waves' application for an Air Transport Licence (ATL) to operate non-scheduled, ad-hoc air taxi services in June 2018. The carrier is currently indebted to the local authorities to the tune of almost GBP40,000 pounds (USD52,000).