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16 May 2018

BY TTG Staff


Monarch administrators still pursuing agents for money

Monarch’s administrators are continuing to chase travel agents for “pipeline” monies paid by clients before the travel company’s collapse.

Monarch jet taxiing

In its latest progress report, KPMG said it was still “pursuing” money from agents who had made bookings through the Monarch Holidays and somewhere2stay brands prior to the company being grounded in October 2017.

KPMG said agents owed £1.7 million in total after deducting agency commission, Atol payments to the CAA and VAT. Just under £1 million of this money has so far been collected from agents, with KPMG saying that it was “continuing to pursue the remaining balances” of around £700,000.

Monarch collapsed with unsecured creditors being owed £756.6 million, including more than 500 mainly trade creditors facing a total deficit of £335.6 million.

KPMG confirmed in its report that these creditors would not receive a penny as a result of the administration proceedings.

Administrators have raised £54 million by selling Monarch’s former slots at Gatwick to British Airways owner International Airlines Group for £50 million and the airline’s slots at Luton to Wizz Air for £4 million. Monarch also had around £27.8 million in cash at the bank when the company went into administration.

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