Begbies Replaced by PwC As Liquidators to Goldtrail

Lucas Gilmore, “Big 4″ observer
November 04, 2010 /

The two men Rob and Ian Oakley of the firm PwC were appointed as liquidators for a big company known as Goldtrail Travel Ltd. This company collapsed few months ago and is now considering the liquidation.
Everyone including Pwc is describing the appointment of Rob and Ian as very much unusual because there was no selection of PwC as the administrators when the company was placed into administration back in July, at that time the two men Mark and Jamie were appointed as administrators.
However, the decision was made final in the meeting of creditors which was held in September and the votes decided that the company must go into liquidation and appoint Ian and Rob Hunt of PwC as joint liquidators for a Malden –Based Company which specializes in Greek and Turkey budget holiday market.
The exact statement which was given by the director of Pwc Ian Oakley-Smith was “We have been appointed by the creditors, largely to understand the reasons behind the company’s failure at the start of the summer holidays, traditionally not a time when tour operators or travel agents fail.
There were symptoms showing up in summer which were surely showing the company liquidation. Goldtrail Ltd was also subjected by CAA to an investigation in which the policies for invoicing customers were reviews.
After the investigation, £8m was demanded by CAA which was 15% of the total turnover of the company. Goldtrail Ltd was surely unable to pay that much amount at that time.
The owner of Goldtrail Ltd. Also gace statement that the claim of CAA was one of the reasons for the failure of the company as everyone in the company concentrated on managing £8m and was unable to perform their real duties.

 

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