The regional airline involved in a fatal crash in South Australia last year has gone into voluntary administration, raising concerns for the future of Australia’s longest running charter service.

A Rossair plane crashed in the state’s Riverland in May, 2017, killing chief pilot Martin Scott, 48, fellow pilot Paul Daw, 65, and Civil Aviation Safety Authority inspector Stephen Guerin, 56.

The group, which includes AE Charter Ltd and Rossair Charter Ltd, said it had endured 12 months of “extreme adversities” stemming from the crash which grounded its planes.

A Rossair spokesperson said the company was a proud South Australian-based business with more than 50 years of operations in the regional aviation sector.

“However, these recent challenges have brought high levels of uncertainty and material costs to the group’s operational businesses,” a statement released on Tuesday said.

“These have had, and will continue to have, an adverse impact on the company’s ‘cash flow position.

“In light of the board’s continuous assessment of the group’s financial position and as part of its ongoing efforts to optimise business operations and preserve stakeholder value, administrators have today been appointed.”

Rossair said it had done everything possible to provide for a sustainable future for the group, but an inability to recommence operations had meant its efforts had failed.

“At this stage, limited, non-flying activities will continue to be conducted at the company’s Adelaide office during which time the directors of AE Charter will work with the administrators as they seek to put the business on a sustainable footing for the future,” the company said.

Rossair was established in 1963.

In September last year, it signed an agreement with Melbourne company AusJet to use its regulatory approvals in a bid to have its planes return to the skies.