0 £0.00
This item was added to your basket

Dear visitor,
You are viewing 1 of your 2 free articles


We’ve made wider, important changes to our print and online content to enhance the value of exclusive, insightful, discerning content we create every day. Support valuable editorial content by becoming a member of our Credit Club - register for free or choose a paid plan.

Register now or Login

110,000 holidaymakers stranded as Monarch Airlines collapses

KPMG administrators have today (October 2) been appointed to take control of Monarch Airlines, as the company’s collapse has left 110,000 passengers stranded abroad.


Amber-Ainsley   Pritchard

Share on LinkedIn Share on Twitter
Amber-Ainsley   Pritchard
Share on LinkedIn Share on Twitter

Blair Nimmo, Jim Tucker and Mike Pink from KPMG have been appointed joint administrators to Monarch Airlines. At the same time Nimmo, Tucker and Steve Absolom from KPMG have been appointed joint administrators to Monarch Travel Group.

 

The group’s engineering operation, Monarch Aircraft Engineering, is not in administration and continues to trade normally.

 

Monarch Airlines is now no longer able to fly as its Air Operating Certificate has been suspended as a result of the insolvency.

 

All Monarch flights from the UK have been cancelled and will not be rescheduled. All flights to the UK today and for the next two weeks will be replaced with alternative flights, organised by the Civil Aviation Authority (CAA) with assistance from the administrators – at no extra cost to consumers.

 

All future holidays booked with Monarch Travel Group are also cancelled with immediate effect.

 

Blair Nimmo, partner at KPMG, said: “Mounting cost pressures and increasingly competitive market conditions in the European short-haul market have contributed to the Monarch Group experiencing a sustained period of trading losses. This has resulted in management appointing us as administrators in the early hours of this morning.”

 

KPMG is now focussing on customers due to travel within the next 48 hours and has asked customers who are travelling outside of that time period, to contact the CAA website with any queries, so that administrators can focus on the people travelling imminently.

 

Administrators will today be speaking to all of the group’s employees, and starting the process of returning the group’s leased aircraft fleet to its owners.

 

The government has also pointed Monarch employees, a total of around 2,100 people, to a guide on how to claim redundancy payments after the insolvency.

Share on LinkedIn Share on Twitter
Add New Comment

LATEST INDUSTRY NEWS STRAIGHT TO YOUR INBOX

YOU MIGHT ALSO LIKE

Government to launch airline insolvency review

The Department for Transport (DfT) has launched a call for evidence to assess consumer protection in the event of an airline or travel company failure

IPA appoints new president

The Insolvency Practitioners Association (IPA), the membership body and regulator for those specialising in insolvency, has appointed Lloyd Hinton as its new president for the coming year

Retailers could struggle to meet higher interest payments

More than a quarter of UK retailers, with total assets of £5m or more, are financially vulnerable to rises in interest rate costs this year, according to a new study

SM&CR in 2020 – how will we get there and what will it feel like?

Presentation by David Morrey, Grant Thornton at Credit Summit 2018

The CS Interview

The patriot

The patriot

Features

How much is a modern debt purchaser worth?

How much is a modern debt purchaser worth?

Opinion

Here we go again: Credit Awards 2018
Share on LinkedInShare on Twitter

Here we go again: Credit Awards 2018

Credit 500 - 2018/2019

The new Credit 500 - an index of influence in commercial and consumer credit - has been unveiled
Share on LinkedInShare on Twitter

The new Credit 500 - an index of influence in commercial and consumer credit - has been unveiled

Credit Strategy
LinkedIn page

Did you find our website useful?

Thank you for your input

Thank you for your feedback

creditstrategy.co.uk – an online news and information service for the UK’s commercial and consumer credit industry. creditstrategy.co.uk is published by Shard Financial Media Limited, registered in England & Wales as 5481132, Axe & Bottle Court, 70 Newcomen St, London, SE1 1YT. All rights reserved. Credit Strategy is committed to diversity in the workplace.
@ Copyright Shard Media Group