Wed, 04 Mar 2015 | BUSINESS NEWS
A failed online holiday site has entered liquidation with £1.12 million owed to unsecured creditors.
Bookable Holidays entered administration late last year, but new reports reveal that the firm is now in liquidation. The report by KRE Corporate Recovery also revealed that the figure owed to unsecured creditors had risen from £658,399 to £1.12 million since administrators were appointed.
Creditors are expected to receive a dividend, but it will not reflect the full sum owed to them. Atol and credit card claims make up £650,000 of the outstanding balance, due to the many refunds made to customers who could not complete their travel plans booked through the company.
After entering administration, the company's intellectual property rights, brand and the lease to its premises were sold to TravelUp for £390,000.
However, it has been revealed that administrators tried and failed to sell a villa in Florida for £12,500 owned by Bookable Holidays. Furthermore, director and founder Jason Dwyer has an outstanding loan of £57,000, which he has said he will not be able to repay in full.
Regarding the creditors, the report says: “It appears likely a dividend will be declared to the non-preferential unsecured creditors and accordingly the company has been placed into Creditors Voluntary Liquidation to facilitate the distribution.
“Whilst we envisage a dividend will be available to the unsecured creditors’ we are unable to advise of the quantum of any such return as there are still potentially 1,059 creditors claims outstanding.”
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