An urgent investigation, led by liquidators Begbies Traynor, is underway to recover more than £20m owed to creditors of collapsed travel company Omega Travel.
The company, which had its ATOL licence suspended in September 2018, was launched in 1965 and specialised in travel to and from the Far East.
A winding up order was issued last Monday, November 12 and the liquidators were appointed the following day.
Headquartered in Milton Keynes, Omega Travel also had branches in London, Manchester, Birmingham and Edinburgh.
Turnover recorded by Omega Travel last year was just short of £300 million.
Paul Stanley and Dean Watson of Begbies Traynor have been appointed as joint compulsory liquidators of Omega Travel and have launched an urgent investigation to recover substantial amounts owed to creditors.
Stanley, regional managing partner at Begbies Traynor, said: "The official receiver appointed us as liquidators within 24 hours of the winding up order being issued.
"This demonstrates the urgency of action being taken and the magnitude of the numbers involved.
"We are already arranging interviews with staff and directors at the company as well as liaising with creditors.
"We are at an early stage in proceedings but we are making significant progress and have identified at least £20m owed to creditors.
"We will update interested parties as we advance our detailed investigations into the exact whereabouts of the company’s assets."
Omega Travel has traded under various names including Far East Travel Centre, Budget Travel, Travelsky.co.uk and Chinese Travel Shop. Recently it changed its name to Milburn Travel.
