Fantasy Tours chief executive to testify on company liquidation

The first hall of the Civil Court today started hearing the plea of Karl Azzopardi, chief executive of Fantasy Tours, to liquidate the company after cancelling the holiday plans of hundreds and running into financial debt.

Justice Joseph Zammit McKeon said the court will need solid tangible proof of the company's financial situation.

The request was filed by Golden Travel on behalf of Fantasy Tours. Zammit McKeon said the court will hear the CEO himself, company officers and also police investigators.

Dr Chris Borg, appearing for the company, said that Fantasy Tours started losing money in 2012 before the situation worsened earlier this year. Bookings had been less than in previous years, and there were instances where chartered planes could not be filled up either.

The company entrusted with the winding-up of Fantasy Tours is the same company that audited the agency's accounts. The auditor and accounts clerk will also be summoned as witnesses, and asked to give a comprehensive description of the company's finances.

In two judicial protests, 253 clients of Fantasy Tours are claiming back the money they paid it for holidays that were cancelled by the company itself. Bank of Valletta last week also filed a judicial letter against the travel agent.

The police reports were filed by clients who had their holidays cancelled when the travel agency shuttered from one day to the other. A number of clients had their holidays can cancelled only hours after paying for their bookings. Others were stranded in foreign airports. Travel insurance companies do not cover for such cancellations.

The case was put off for 8 October where auditor Paul Marmara and clerk John Vella will take the witness stand.