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..... the British Government has already declined to bail out the travel company.
originally posted by: smurfy
Just now from the BBC, awaitng online link to follow*.
Most users though should be protected by the ATOL Member agreement, however that would be a pretty huge monetary commitment, further to that, the British Government has already declined to bail out the travel company, while there is a hint that they will repatriate travellers caught up in the matrix.
www.walesonline.co.uk...
originally posted by: Freeborn
a reply to: smurfy
..... the British Government has already declined to bail out the travel company.
Of course, they aren't a bank.
originally posted by: LogicalGraphitti
originally posted by: smurfy
Just now from the BBC, awaitng online link to follow*.
Most users though should be protected by the ATOL Member agreement, however that would be a pretty huge monetary commitment, further to that, the British Government has already declined to bail out the travel company, while there is a hint that they will repatriate travellers caught up in the matrix.
www.walesonline.co.uk...
This seems all of a sudden. Was there news leading up to this about them being in any financial trouble? I follow the airline business closely and this hasn't come up in my news feeds.
originally posted by: smurfy
Just now from the BBC, awaitng online link to follow*.
Most users though should be protected by the ATOL Member agreement, however that would be a pretty huge monetary commitment, further to that, the British Government has already declined to bail out the travel company, while there is a hint that they will repatriate travellers caught up in the matrix.
* Only link so far,
www.walesonline.co.uk...
Finally the Beeb's late-ish online, announcement,
www.bbc.co.uk...
originally posted by: smurfy
They have been in trouble for some time now, the oldest package company in the world a victim of all sorts of problems, political, demographics, and probably BREXIT too.
Notably, RBS, one of the banks too big to fail, is one of the banks demanding the £200 million to have kept them afloat. #ty stuff in nit?
As others have said, it's just kicking the can down the road. I'm an insolvency lawyer. For a company that size to go straight into compulsory liquidation, without putting an administrator in first is indicative of one thing only; it was well and truly fcuked. For it to happen over night, which means an emergency application to the judge, without any of the mandatory procedure for a winding up petition (e.g. mandatory advertisement in the Gazette so all creditors can have their say), can only mean the level of fcukedness was far beyond terminal.
A company saying to a judge "the reason we've got your lordship out of bed on a Sunday night is because we don't want planes in the air when the winding up order is made" would be told to come back in the morning and in the meantime tell their pilots not to take off. A much more likely reason for wanting and getting the winding up order on short notice is that when the banks opened on Monday morning, defaults would be triggered allowing secured creditors to start taking stuff.
originally posted by: hopenotfeariswhatweneed
a reply to: RexKramerPRT
In a nutshell not enough people can afford travel so the travel agent is broke....
Clearly the solution here is to let the rich get richer so the trickle down trickles faster...
originally posted by: XXXN3O
a reply to: smurfy
Cannot help but feel for the folks heading off on holiday this morning...
Not to mention the staff too. What a mess.
originally posted by: OccamsRazor04
originally posted by: hopenotfeariswhatweneed
a reply to: RexKramerPRT
In a nutshell not enough people can afford travel so the travel agent is broke....
Clearly the solution here is to let the rich get richer so the trickle down trickles faster...
I can't speak for Britain, but in the US I am traveling more than ever. For the first time 2 years ago I looked into a travel agent I get a discount with because of my job. When I told them the deal I had secured myself they told me to enjoy my vacation they would never match it even with my discount.
originally posted by: RexKramerPRT
a reply to: hopenotfeariswhatweneed
No doubt those at the top will have been handsomely rewarded for ruining a 178 year old company that started package holidays.