Lee’s Travel Limited, which operated brands including Forever Cruises, Lee’s Travel and Oz Flights, ceased trading in October. Most of its business involved selling scheduled flights.
Liquidator Stephen Franklin, of Panos Eliades Franklin & Co, revealed in documents filed at Companies House that Lee’s Travel’s unsecured creditors are owed £7.5 million but there is only £14,400 available in assets to repay them.
The vast majority of these debts are owed to trade creditors – principally Iata, which is owed £5.5 million, while there is also a £1.3 million debt to the Air Travel Trust fund.
Shortly before its collapse in October, Lee’s Travel was ordered to repay its debt to Iata over a billing and settlement plan (BSP) default by November 30 or face having its agency accreditation stripped. The agency was also suspended from Iata’s BSP due to this debt.
The company also held an Atol and was licensed to carry almost 5,000 passengers per year.
Several leading cruise companies are among Lee’s Travel’s creditors including Celebrity Cruises, which was owed £59,000, Royal Caribbean Cruises (£25,700), Norwegian Cruise Line (£15,000) and Cunard (£8,700).
Other trade creditors include Skyscanner (£178,200), Kayak (£67,600), Travel 2 (£57,100) and Bedsonline (£9,200).
It was agreed to start winding up Lee’s Travel Limited, which was set up in 1995, at a general meeting last month.
