Forensic Accountants Investigate Goldtrail

Forensic Accountants Investigate GoldtrailForensic accountants have been brought in to investigate the financial affairs of Goldtrail, the UK’s largest independent tour operator, which was put into administration in July.

More than 16,000 UK passengers were left struggling to get home after the company went into administration.

Liquidation documents have revealed that the company was subjected to an investigation by the Civil Aviation Authority (CAA) in which the company’s policies for invoicing and customer protection payments were reviewed. The CAA then demanded a bond worth 10-15% of the company’s turnover – around £8m – which it was unable to pay

The company’s failure is likely to cost the CAA’s Air Travel Trust Fund up to £20m in compensating customers. Goldtrail’s liquidation document reveals that the tour operator owed £5.7m, including £150,000 to HM Revenue & Customs, many thousands to small hotels in Turkey and Greece, and more than £1.5m to two airlines.

With our experience and expertise Frenkels Forensics are able to assist with all types of forensic accounting investigations relating to commercial and business fraud.  For more information please contact John Frenkel or Vivian Cohen on 020 8457 2929.

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