TEMPO Holidays, which ceased trading and was placed into administration last month (TD 20 Sep) is expected to be placed into liquidation at the next creditors’ meeting, according to the company’s administrator.
A letter from Laurence Fitzgerald, of accounting firm William Buck, to members of the Committee of Inspection constituted during the first meeting of creditors (TD 04 Oct), advises he does not intend to gather the Committee before the upcoming meeting.
“A primary reason for convening a meeting of the Committee during a Voluntary Administration would be to table any Deed of Company Arrangement (“DOCA”) proposal, field queries on same and gauge whether creditors would generally support the proposal,” Fitzgerald wrote.
“I confirm that no DOCA has been proposed by the Company’s Director or third party, and I do not expect any DOCA to be proposed,” he added.
The Committee of Inspection was chosen from among attendees at the first meeting earlier this month, and includes senior staff from Hurtigruten, Flight Centre, Helloworld Travel, Phil Hoffmann Travel as well as representatives of key local and international suppliers.
Fitzgerald confirmed the next meeting of creditors would take place on 28 Oct 2019, adding that a full report on the Administration would be released by next Mon 21 Oct.
“It will be my recommendation to the creditors at the next meeting that the current Committee be retained for the anticipated Liquidation of the Company, to assist and provide guidance as required,” he said.
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Source: traveldaily