Goldtrail paid out £1.3m on day of collapse

Goldtrail Holidays paid out £1.3 million to six different airlines on the morning of the day it went under, administrators Begbies Traynor have revealed.

Joint administrator Jamie Taylor said the payment suggested Goldtrail director Abdulkadir Aydin was not planning to put the business into administration that day.

He told Travel Weekly: “There were major payments on the day to airlines which seems a bit odd. It didn’t seem to be in his mindset that he was putting it into administration. It sounds like he had some bad news later and quickly made a decision .”

The team of administrators is now going through the company accounts to try to find out why the operator collapsed so suddenly. However, Taylor said he was coming across “more questions than answers”.

“Normally we ask companies why they didn’t go into administration earlier, but in the case the question is why did they go under so quickly?

“Travel companies usually wait until the peak period has passed and see what their cash flow is like.”

Taylor denied rumours that Aydin had fled to Turkey or Northern Cyprus. “He’s in the UK and said he will be for the foreseeable future. He’s willing to talk to us about why it went under.”

The collapse is likely to cost the Air Travel Trust scheme, which is already £32 million in deficit, up to £20 million. This will delay any change to the £2.50 levy, which was due to be reviewed next year.

The administrator will issue proposals within eight weeks.

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