Credit Strategy – News in Recovery, Restructuring and Insolvency (TRI)

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In an announcement that could affect more than 4,000 holidaymakers, Truly Holdings – owner of Teletext Holidays and Alpharooms – has entered receivership.

It comes after the Travel Trust Association (TTA) revoked Teletext and Alpharooms memberships due to financial issues. Both organizations subsequently went into liquidation.

Truly Holdings entered into a voluntary liquidation from creditors on December 1, with Robert Cundy and Bijal Shah of Edge Recovery and Insolvency Practitioners being appointed to handle the company’s closure.

This came months after the Competition and Markets Authority (CMA) launched legal action against Teletext Holidays over insufficient progress on refunds to package holiday customers. In its statement, the watchdog said it did not consider Truly Holdings had done enough to reimburse package holiday customers with outstanding claims.

The CMA says the company has paid more than £7m owed to holiday package customers, but says more customers are still waiting for their refund. A Teletext Holidays spokesperson said separately The mirror the amount refunded is £10.8million and said he owed £1.2million for historical and ongoing cancellations.

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