Debts in air travel fund more than halved
The Air Travel Trust has reduced its deficit from £42.4million to £18.5million.
The ATT’s Annual Report to March 2012 covers the period before the ATOL reforms were introduced by the Government and show the deficit has been reduced by £23.9million
The trust received ATOL contributions of £42.6million from 17.3million ATOL protected passengers.
The number of company failures was 23 – down from 29 in 2010/11 – and no failures cost more than £10million.
The most costly failure was that of Holidays 4 UK Ltd in August. The company provided security to the ATT of £4.5m, which covered part of the claims. The remaining claims are expected to cost the fund £7.2m.
The ATOL reforms, which came into force on 30 April, are designed to mean more holidays are ATOL protected as agents move away from traditional packages.
The ATT Chairman, Roger Mountford, said: "Happily, the first phase of these reforms is now in place, and, with a reduced deficit this year, I look forward to working with Government and the travel industry in the next year to develop thinking on potential medium term reforms to the funding and governance of the ATOL scheme, to be introduced once the deficit on the Fund has been extinguished."
Diane
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