Collapsed Bookable Holidays’ debts are still rising
Failed online travel agency Bookable Holidays owes at least £1.12 million to unsecured creditors, according to the administrators’ final report.
It owes almost £250,000 to trade creditors and almost £100,000 to customers.
ATOL is owed £266,557 by Bookable and a card merchant company £385,000.
The company has now been placed into voluntary liquidation so that a dividend can be paid to those owed money.
Administrators KRE Corporate Recovery said secured creditors had already been paid and the unsecured creditors will receive a dividend, but they can’t say yet how much yet as the company’s debts might increase further.
When they filed their final report with Companies House last month, the administrators said they were still waiting to receive claims from more than 1,000 creditors, the majority of whom are customers who might have received reimbursement from ATOL or their credit card companies.
They were was also waiting for details of redundancy payments owed to at least 36 employees.
The administrators’ final report shows that Bookable’s website and the long-term lease on its business premises in Aldermaston were sold to Travel Up for £390,000.
The report also shows that the administrators had tried but failed to sell a villa in Florida for £12,500, which was owned by the company but registered in the name of one of its directors.
According to the report, the property couldn’t be sold because the annual rent was too high, causing the buyer to pull out.
Bookable director and founder Jason Dwyer has been asked to repay a £57,708 loan from the company, but he has told administrators he can’t afford to repay it in the short term.
Discussions regarding Dwyer’s offer to repay ‘an element’ of the loan over the next three years are ongoing with the company’s two largest creditors.
The biggest of the two also requested the administrators to carry out an investigation into the company’s financial affairs and directors’ conduct, and administrators have presented it with a report.
A confidential report has also been submitted to the Secretary of State.
The administrators have been paid £87,177 plus expenses for their time.
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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