Provisional liquidators appointed to USIT travel group as result of coronavirus crisis

The High Court has appointed provisional liquidators to four companies in the well-known USIT student travel group, employing 149 people, after the coronavirus crisis caused their collapse.

Severe restrictions on international travel as a result of the pandemic has lead to cancellations of many spring and summer travel bookings and tours for students and school groups and an immediate collapse of new bookings, causing a cash flow crisis leaving the companies insolvent and unable to pay their debts as they fall due, Rossa Fanning SC, for the companies, outlined on Friday.