Lowcost administrators given another year to investigate
Lowcosttravelgroup’s administrators have been given another year to carry out enquiries, as they continue to investigate whether legal action should be taken against any parties involved with the travel group.
Smith & Williamson’s creditors report confirmed in March that “sufficient cause” had been found for a detailed investigation into Lowcosttravelgroup’s eventual collapse on July 15 last year, after initial scrutiny of the conduct of various parties involved with the travel group.
The report read: “We made an initial assessment of whether there could be any matters that might lead to recoveries for the benefit to the creditors and what further investigations may be appropriate.”
Before its collapse, Lowcost was turning over £500 million per year.