"As an effectively unsecured creditor, the aviation regulator is concerned over the holiday company's "financial fitness" in two key areas: its ability to fulfil its obligations under the Air Travel Organisers' Licensing (ATOL) agreement; and whether there are any potential grounds for revoking its Air Operator's Certificate (AOC). The ATOL bond protects customers in the event that a tour operator goes bust, reimbursing monies paid for future holidays and repatriating tourists stranded abroad. All ATOL licensed operators pay £2.50 per passenger into a scheme managed by the Air Travel Trust fund." |