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Cruise Control creditors unlikely to get a penny
Unsecured creditors owed almost £18.5 million from the collapse of cruise agency Cruise Control two years ago are unlikely to get any money back.
Liquidations PricewaterhouseCoopers revealed that a figure of £18.45 million in potential claims had been identified. This was £12 million more than had been originally estimated.
So far only £515,743-worth of assets has been recovered, including the sale of the Cruise Control database for £405,000. Estimated total assets are £1.1 million.
Cruise Control customers have received almost £78,000 in refunds to those who paid by credit card for their holidays from £117,140 held in the company’s bank accounts at Barclays.
Tangible assets recovered amounted to just £31,626 including the sale of a BMW for £12,000, computer equipment for £19,506 and general office equipment for £120.
In a report to creditors, PwC said “it is unlikely that there will be sufficient funds available to pay anything more than a very small dividend to unsecured creditors and quite probable that there may be no return to such creditors”.
It also states that following a review of the affairs of the Essex-based company prior to its failure and points raised by creditors, a report has gone to the disqualification unit of the Department for Business, Enterprise and Regulatory Reform.
PwC said: “Creditors are reminded that the liquidators have a statutory obligation to consider the directors’ conduct and to submit a report. The liquidators can confirm that they have complied with this requirement.”
A creditors’ meeting has been set for January 3 at PwC’s Bournemouth offices for an update on the winding up of the company.
Romford-based Cruise Control, run by Paul Moore, was one of the UK’s largest cruise agencies at the time of its failure in October 2005.
by Phil Davies
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