An urgent investigation, led by Begbies Traynor, is underway to recover more than £20m owed to creditors of collapsed travel agency firm Omega Travel.
The company, which had its ATOL licence suspended in September 2018, was launched in 1965 and specialised in travel to and from the Far East. Headquartered in Milton Keynes, Omega Travel also had branches in London, Manchester, Birmingham and Edinburgh.
Turnover recorded by Omega Travel last year was £298,989,588.
Paul Stanley and Dean Watson of Begbies Traynor have been appointed as joint compulsory liquidators of Omega Travel and have launched an urgent investigation to recover substantial amounts owed to creditors.
Paul Stanley, regional managing partner at Begbies Traynor, said:
"The official receiver appointed us as liquidators within 24 hours of the winding up order being issued. This demonstrates the urgency of action being taken and the magnitude of the numbers involved.
“We are already arranging interviews with staff and directors at the company as well as liaising with creditors. We are at an early stage in proceedings but we are making significant progress and have identified at least £20m owed to creditors. “We will update interested parties as we advance our detailed investigations into the exact whereabouts of the company’s assets.”
Omega Travel has traded under various names including Far East Travel Centre, Budget Travel, Travelsky.co.uk and Chinese Travel Shop. Recently it changed its name to Milburn Travel.
Paul qualified as a chartered accountant in 1987 with Arthur Andersen an international accounting practice. He worked on audits, management consultancy and buy out due diligence before specialising in insolvency and investigations. In 1990 he was granted an insolvency licence by ICAEW.
He worked on the Robert Maxwell private company administrations in the Middle East in the early nineties and developed strong banking relationships. In 1993 he joined up again with ex-Andersen's colleague Ric Traynor as Ric's first partner in the firm which later changed its name to Begbies Traynor. Paul acts as managing partner in the Manchester office and sits on both the firm's management and technical committees. He has a reputation as a straight-talking, honest advisor who is both technically strong and commercial.