Goldtrail Travel liquidators set to pay creditors by April

The Goldtrail Travel liquidation should finally end in April after almost 12 years, with the PwC liquidators notifying creditors to submit outstanding claims by February 14.

A ‘final dividend’ will be paid within two months of that date, ending a process which began when Atol-holder Goldtrail entered voluntary liquidation in July 2010.

The failure cost the Air Travel Trust, which underwrites Atol protection, up to £25 million. It transpired Goldtrail owner Abdulkadir Aydin had left the country after transferring £10 million to himself and, in his absence, the liquidators sought to recover funds from those subsequently found to have “dishonestly assisted” Aydin.

The liquidators brought claims in 2014 against Turkish airline Onur Air and a group referred to as ‘the BPI defendants’ – former XL Leisure Group boss Phil Wyatt (pictured), associates Magnus Stephensen and Halldor Sigurdarson, and Wyatt investment vehicle Black Pearl Investments. Wyatt and his associates had been involved in a series of failures, including the collapse of XL Leisure in 2008 which, at the time, was the only failure to have cost more than Goldtrail’s.

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