CREDITORS of failed tour operator Golden Sun Holidays
are unlikely to see any money, a report by the Official Receiver
has revealed.
Papers released by the Insolvency Service show the Greece and
Cyprus specialist, which collapsed last September, owes almost
£11 million in the UK. Receivers have ruled “there is no
apparent prospect of a distribution of funds” and will not hold a
creditors’ meeting.
Only the Bank of Cyprus is expected to collect a significant sum
when Golden Sun’s assets are shared out. As a secured creditor, it
is at the front of the queue, and is expected to receive around
£760,000 of the £1.25 million it is owed.