Provisional liquidators have been appointed to four companies in the USIT student travel group, after the Covid-19 crisis caused their collapse.
The companies employed 149 people. The High Court was told that many spring and summer travel bookings as well as tours for students and school groups have been cancelled and new bookings have collapsed.
Senior Counsel Rossa Fanning said this caused a cash flow crisis leaving the companies insolvent and unable to pay their debts.
The companies had received booking deposits and pre-payments from a large number of customers. Around €1.2m is owed to pre-booked customers, including around 3,000 students who paid deposits of €300 or more for travel to the US this summer.