The administrators of Monarch Travel Group and sister company Avro have finished work, confirming there are no funds to pay creditors.
Monarch collapsed in October 2017 together with seat-only company Avro. The brand’s aircraft engineering arm continued to trade until early 2019 until it also collapsed.
Administrator KPMG has now completed work on all three companies. In its final update, it said: “There have been no realisations during the administration and accordingly there have been no distributions to any class of creditor.”
Monarch Group had three secured creditors, PJL, Pension Protection Fund and Windsor Jersey Limited, which did not receive any funds.
In June, KPMG wrote to unsecured Monarch Travel Group creditors, advising them it had only £36,000 to distribute, a sum wiped out by costs.
Documents show that Avro’s main assets were pipeline monies owed by Monarch Holidays and that no funds were available for creditors from inter-company debt.
“There have been no distributions to any class of creditors,” said KPMG’s report.