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Very little may be in kitty for Reed Holidays creditors

September 13, 2017 Headline News No Comments Email Email

Liquidators are probing the affairs of a group of Victoria-based travel operations dealing in the seniors market, with AUD 5.57 million reportedly owed to more than 1500 travellers and businesses.

Reed Holidays Pty Ltd traded as Young at Heart Holidays, Australian Air Holidays and Seniors Coach Tours.

Following a creditors meeting at Melbourne Town Hall on Monday, liquidators are trying to find whether the company might have traded while insolvent, Melbourne’s Herald Sun reported.

Liquidators Cor Cordis are in the process of winding up the business, which went into administration in August, leaving hundreds of elderly travellers out of pocket, with some stranded in the middle of their holiday.

The Herald Sun quoted the liquidator, Cor Cordis partner Glenn Spooner, saying that more than 1500 people and businesses had interest in the liquidation.

Spooner told the paper that “at this stage, it is unclear as to if a dividend will be payable to any class of creditor in the liquidations of the companies.

“The only assets available to the liquidators appear to be a small amount of office equipment and intellectual property. The sale process is continuing.”

The paper said company director Malcolm Reed had been banned from company directorships for three years in the early 1990s prior to forming the businesses now in administration.

Written by Peter Needham

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