Liquidators of failed operator Goldtrail Travel have agreed 117 claims totalling £429,662 – just a fraction of the money owed to creditors.
Fifteen claims remain outstanding due to ongoing legal action, including a £25 million interim claim from the Air Travel Trust, which pays out to consumers under the Atol scheme.
The latest report from liquidator PricewaterhouseCoopers says the final claim from the ATT “is likely to be significantly amended”.
The report says: “The work of the liquidators has resulted in the liquidators issuing legal proceedings against a number of parties which are anticipated to produce further realisations for the benefit of creditors.”
But PwC also says it is not possible to estimate a dividend for unsecured creditors who are owed £35 million “due to the uncertainty in relation to the final level of recoveries from the ongoing legal action”.
As Travel Weekly reported in June, PwC served legal papers to former XL Leisure boss Phil Wyatt. According to reports, he was accused of providing “dishonest assistance” to Abdulkadir Aydin, sole director of Surrey-based Goldtrail.
There are also claims in the High Court against five other defendants, including Aydin himself, who was disqualified in May from running a UK business for 15 years for “gross mismanagement of the company’s affairs”.
The report shows that PwC has been paid almost £1.6 million in addition to legal fees.
Goldtrail failed in summer 2010 with debts of £2.3 million.