Wholesalers

Dividend payout deferred for Excite Holidays creditors

Huntley Mitchell

Huntley Mitchell

Unsecured creditors of the collapsed Excite Holidays have been forced to wait a little longer for their dividend payout.

According to a circular issued to creditors on 16 July 2021, deed administrator Phil Quinlan of KMPG said a first and final dividend of between two and 2.4 cents in the dollar would be paid to unsecured creditors on or around 27 August 2021.

The estimated payout is more than the initial estimate of zero to two cents, but less than the 2.5 to three cents that KMPG had hoped to pay creditors in December last year.

However, in an email to Travel Weekly (which happens to be one of the unsecured creditors), a member of KMPG’s deed advisory and restructuring services team said that payment of the first and final dividend to unsecured creditors has been deferred due to the volume of proof of debt claims that have been submitted received.

“At this stage, we cannot provide an exact date. However, the deed administrators expect payment will occur sometime in the next two weeks,” the statement read.

Excite entered into administration back in January 2020, leaving a large number of travel agents and suppliers in the lurch.

The wholesaler was part of a complicated web of companies run by Nicholas Stavropoulos and George Papaioannou.

Creditors voted to accept the deed of company arrangement proposed by Stavropoulos and Papaioannou in February last year, which was also recommended as the best option by Excite’s administrators in their report.

That same month, Helloworld Travel agreed to acquire Excite’s proprietary online booking platform to help boost its own B2B booking system, Ready Rooms.


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