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Interesting article just out......unusual situation here
Insurers taking control? Just a tad bit misleading, make that Grand Canyon sized misleading.
Sky News seems to be the place for leaks. This is strong news that a sale of the Tour Op is building.
Would you need advisers if this was positive news? I.e. if Fosun was taking it over, then ATOL would not need advise.
It could be a part sale of the Tour Operator, say Nordic business, and needs approval.
.............Or the negative side is an option (which no one is in any doubt of my views).
It's nothing to do with ATOL, the insurers mentioned cover the non UK business. ATOL covers UK and is not part of this. If a sale to Fosun happens then TC will no longer be a UK registered business within the scope of UK and EU regulation and legal framework, it will most probably be a Hong Kong/ China based entity. All of their contracts will be written with the current legal framework behind them.
The article alludes to the insurers requesting a seat at the table with regard to the Fosun negotiations. There are no concerns about general going concern talks.
Sfletcher,
Would TCG not still need bonding in the UK for its UK customers if it is owned by Fosun. Doesn't TUI, German owned, still operate under ATOL?
Genuine question.
JJ, only if the company is based in the UK. ATOL protection applies to UK based companies that sell a flight inclusive holiday or are a third party flight-reseller (as airlines cannot ATOL protect themselves). Look as far back as Low Cost Holidays, was UK registered and required ATOL, relocated to Balearics and dropped the ATOL in favour of the Spanish system which was woefully inadequate ( at something like €1.5m bond), lots of customers out of pocket and credit card companies picking up the bill.
Tui is German but they choose to funnel UK sales through a UK based company in the group, hence then having to have ATOL. You won't see a headline about the CAA/ ATOL near the talks as it's black and white, UK based must have it, non UK then not a CAA/ ATOL/ UK problem to solve.
Thanks for that - appreciate it
Maybe it is just part of due diligence as
part or all of the biz is up for sale..